Strait of Hormuz Closed After Iranian Actions, Houthi Attacks Disrupt Saudi Oil Pipelines

The Strait of Hormuz has been declared closed by Iran's Islamic Revolutionary Guard Corps following strikes on two tankers attempting unauthorized transit. Concurrently, Houthi rebels claimed drone attacks on Saudi Arabia's East-West pipeline pumping stations, the kingdom's only alternative export route. These events have led to significant disruptions in crude loadings and transits, with an upcoming OPEC+ meeting on November 1 to address the volatile oil market.