Middle East Tensions Escalate, Driving Oil Prices Higher and Disrupting Shipping

Saudi Aramco facilities in Jizan were reportedly targeted on Monday, leading to a 1.2% increase in Brent crude prices to $97.40 per barrel. Concurrently, Iran has threatened the United States with 'economic warfare' and claimed to have fired an advanced missile at U.S. warships. Iran continues to disrupt shipping through the Strait of Hormuz, a critical artery for global oil and gas supplies, with commodity vessel traffic slowing again this week.