Middle East: Oil surges as Gulf tensions escalate

Yemen’s Iran-backed Houthi rebels attacked two Saudi oil tankers in the Red Sea, escalating tensions in the region. The strike is retaliation for Saudi Arabia’s blockade on Yemen and a recent attack on Sanaa’s international airport, heightening global shipping concerns as both the Bab el-Mandeb Strait and Strait of Hormuz face disruptions, with Brent crude prices rising to their highest level since May.