Houthi Attacks Escalate, Threatening Red Sea Shipping and Saudi Oil Pipeline; Iran Asserts Control Over Strait of Hormuz

Intensified Houthi missile and drone attacks on Saudi Arabia, including a military base and the East-West Saudi oil pipeline, are causing significant damage and threatening global energy supplies. Concurrently, Iran has reportedly finalized an agreement with Oman regarding the Strait of Hormuz, asserting its strategic dominance and requiring permission for international shipping, utilizing digital insurance to bypass sanctions. These developments escalate regional tensions and pose substantial risks to international commerce and energy markets.