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Oil Prices Rise as Hormuz Tensions Threaten Global Supply 
The United States and Yemen’s Iran-aligned Houthis reported separate attacks on commercial shipping Tuesday as hopes for a quick end to the Iran war faded. Tehran warned that the Strait of Hormuz, a critical route for global oil and liquefied natural gas supplies, would remain closed unless Washington accepts its conditions.
Oil prices rose amid renewed concerns over the conflict. Brent crude futures gained 1.4% to $88.91 per barrel, while U.S. crude climbed 1.3% to $83.20 as global shares retreated.
In the Bab el-Mandeb Strait, four crew members were killed in a suspected Houthi attack on the Egyptian-owned cargo vessel Tihamah, according to Yemen’s Transport Ministry. Yemen’s Coast Guard said two rescuers from an anti-Houthi military group were also killed. The crew fatalities would mark the first shipping deaths attributed to the Houthis since the Iran war began.
The Houthi-run Saba news agency separately said the group attacked a Saudi vessel carrying military equipment in the strategic Red Sea passage. The ship was not identified, and Saudi Arabia did not immediately respond.
Meanwhile, U.S. Central Command said a Navy MH-60 helicopter fired two Hellfire missiles at a Panama-flagged cargo ship after it allegedly ignored repeated warnings and violated a U.S. naval blockade on Iranian ports. Maritime sources said the vessel was struck off Pakistan while entering the Gulf of Oman.
Tensions also intensified over the Strait of Hormuz. Iranian security official Mohsen Rezaei said the waterway would stay closed until the United States changes its behavior and accepts Tehran’s demands, including the release of frozen Iranian assets and an end to regional conflicts in Gaza and Lebanon.
President Donald Trump, who has repeatedly suggested a peace agreement could be near, said Tuesday that the United States “totally” controls the Strait of Hormuz and remains in a strong position.
The latest shipping attacks and escalating rhetoric have increased fears of a prolonged conflict affecting global energy markets and maritime trade. Before the war, the Strait of Hormuz handled roughly one-fifth of worldwide oil and LNG flows.
