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Houthi fighters advanced in Yemen on Monday, aiming to cut off the Red Sea coast, amid a report that U.S. President Donald Trump had called off airstrikes against the group at the last minute. The Iran-backed group's advance threatens global energy supplies.
U.S. strikes on Iranian targets near the Strait of Hormuz sent Brent above $95 and WTI over $90, while USO and BNO rallied and defense contractors slipped.
Crude oil futures on NYMEX were up around $2 by midday Tuesday after reports that two tankers in the Strait of Hormuz were struck by projectiles, intensifying supply fears amid continued shipping declines.
Brent crude jumped past $92 after attacks on oil tankers in the Strait of Hormuz, while oil-linked stocks and broader equity futures moved lower in premarket trading.
Brent climbed above $92 a barrel after a 2.7% gain Monday. Renewed US-Iran hostilities raised concerns over disruptions through the Strait of Hormuz as attacks reportedly hit US-linked targets and vessels in the waterway.
Crude rose to around $88 a barrel, extending Monday’s 2.8% gain as renewed US-Iran hostilities raise concerns about disruptions through the Strait of Hormuz. Supertankers reportedly were hit near the chokepoint.
Ship hit by projectile, crew abandoned
Dry bulk ship attacked near Hormuz
Kuwait’s armed forces intercepted drone attacks by Iran on Saturday that targeted "vital facilities" as the Trump administration weighs new strikes. Falling shrapnel from drones caused "material damage," the Ministry of Defense spokesman, Major General Saud Abdulaziz Al-Otaibi, said in a statement. No people were injur
Senator Richard Blumenthal says Iran is sending a message to Trump by attacking a cargo ship near the Strait of Hormuz