Geopolitical Tensions Escalate in Middle East with Houthi Attacks and U.S. Naval Action Against Iran Blockade

Oil and gold prices have risen as geopolitical tensions intensify in the Middle East. Yemen's Iran-aligned Houthis reportedly struck a cargo ship in the Red Sea, killing six crew members, while the U.S. military disabled a Panama-flagged cargo ship for violating a naval blockade on Iranian ports. Iran has also maintained its position over the Strait of Hormuz, contributing to concerns about disruptions to global energy supplies and trade.