Global oil markets experienced a significant shock today as Brent crude prices surged past $100 a barrel for the first time since late May. The price spike is directly linked to the intensifying US-Iran military conflict and a recent Houthi naval blockade targeting Saudi shipments in the Red Sea and Bab el-Mandeb Strait.
The US military has launched a 13th consecutive night of airstrikes against Iranian military targets. Meanwhile, commercial shipping companies are facing sharply higher insurance premiums, though vital waterways like the Strait of Hormuz remain tentatively operational under heightened naval protection. The UAE has maintained high vigilance while continuing normal domestic and aviation operations.
