Red Sea shutdown risk looms as US-Iran tensions threaten to send oil prices even higher

As tit-for-tat strikes persist following the collapse of a month-long interim truce between the US and Iran, the Red Sea – a critical chokepoint for oil shipments – could be sealed off if tensions escalate, potentially sparking a fresh surge in crude prices, according to analysts. Iran has instructed Yemen’s Houthi militants to be on standby to shut down oil-shipping lanes in the Red Sea if the US launches strikes targeting Iranian power infrastructure, according to a Reuters report on...