The closure of the Strait of Hormuz due to Iranian attacks has isolated major LPG exporters, including Saudi Arabia, the UAE, and Qatar, disrupting global supply chains. Geopolitical tensions escalated further following a Houthi attack on Saudi Arabia, pushing Brent crude prices above $83 per barrel. Meanwhile, the cryptocurrency market saw Bitcoin rise significantly from $63,000 to stabilize just below the $68,000 level. These events represent a sharp escalation in Middle East tensions, contradicting previous reports of improving regional sentiment.
Oil prices gapped 2% higher as the Strait of Hormuz remains restricted and a Houthi drone strike targeted a Saudi Aramco refinery in Jazan.
Read the full storyAmid dual pressures from tightening financial conditions and geopolitical risks, Bitcoin price declined to trade near the $64,700 level.
In a strategic shift reflecting the resilience of Gulf supply chains, the UAE has successfully restored its oil export volumes to pre-crisis levels as of June.