US-Israel-Iran War Live News: The war in the Middle East is putting fresh pressure on global oil markets as military tensions around the Strait of Hormuz combine with a widening confrontation between Iran-backed Houthis and Saudi Arabia.Â
Brent crude surged above $108 a barrel on Friday as traders assessed the risk of further disruptions to oil and shipping routes. The latest rise also weighed on Asian equities, with Indian shares falling amid concerns over higher energy costs.Â
US-Israel-Iran War Live News: IRGC Claims It Struck Saildrone-Type Vessel in Hormuz
Iran’s Islamic Revolutionary Guard Corps said its navy struck a US “Saildrone-type” unmanned vessel in the Strait of Hormuz, “thwarting its aggressive mission”.
The claim comes as military activity around the waterway remains high. Iran has continued to restrict shipping through Hormuz, while the United States has increased efforts to keep commercial traffic moving through the strategic route.
The alleged strike adds another maritime flashpoint to the conflict. The two sides have already exchanged attacks involving ships, tankers and military assets around the Gulf.
The development also comes as shipping companies face an increasingly difficult operating environment. Preliminary Kpler figures showed just seven vessels transited Hormuz on Thursday, compared with 11 a day earlier and an average of 15 over the previous 10 days.
US-Israel-Iran War Live News: US Has Loosened Iran’s Grip on Hormuz
The United States has managed to weaken Iran’s ability to use Hormuz as a tool of economic pressure, but the conflict has not reached a clear end.
US military pressure has severely affected Iranian oil exports. AP reported that Iran’s oil exports fell from about 1.85 million barrels per day in the spring to roughly 255,000 barrels per day in August.
At the same time, other Gulf producers have been able to move more oil through the region. Alternative shipping arrangements and US military operations have helped prevent a complete shutdown of Gulf energy flows.
But the wider conflict remains unsettled. Iran continues to resist US pressure, while fighting involving groups aligned with Tehran has opened additional risks across the Middle East.
US-Israel-Iran War Live News: Indian Shares May Fall as Crude Hits $108
Indian shares came under pressure on Friday as the sharp rise in crude prices increased concerns over inflation and the country’s import bill.
The Nifty 50 and Sensex both declined in early trading as investors moved away from riskier assets. Indian markets followed a wider sell-off across Asian equities as oil prices remained above $108.
The surge in crude creates a particular problem for India because the country depends heavily on imported oil. Higher energy prices can increase input costs for companies and put additional pressure on inflation.
The impact can also spread to the rupee. A sustained rise in oil prices increases India’s dollar demand for imports, adding another challenge for the currency.
US-Israel-Iran War Live News: Houthi Saudi Fighting Escalates Impacting Brent Crude
The conflict has also expanded along another critical maritime route after Iran-backed Houthi forces intensified their campaign in Yemen.
The Houthis have seized the strategic port city of Mocha on Yemen’s Red Sea coast, increasing concerns about the security of the Bab el-Mandeb Strait. The waterway provides an important route for oil and commercial shipments between the Red Sea and the Gulf of Aden.
The latest Houthi advances followed attacks on Saudi Arabia earlier this week. Houthi strikes hit several Saudi cities and energy facilities, with more than 70 people reportedly wounded.
Saudi Arabia has threatened retaliation, raising fears that the fighting could widen further. The escalation has added another source of uncertainty for oil traders already dealing with restricted Hormuz traffic.
Brent crude climbed to around $108.10 a barrel on Friday, while WTI also moved above $103. Oil prices have risen sharply as traders assess the possibility of further supply disruptions across the region.
US-Israel-Iran War Live News: What’s Next?
The immediate focus will remain on the Strait of Hormuz, where commercial vessel movements remain well below normal levels.
Iran and Gulf states are also preparing for talks in Salalah, Oman, aimed at reaching a temporary arrangement for managing shipping through the Strait. The meeting would bring GCC foreign ministers together with Iran’s foreign minister as regional governments look for a way to restore safer commercial traffic.
The proposed arrangement could allow vessels to enter through Iranian waters and exit through Omani territory. However, the details of the agreement remain under discussion.
Oil markets will meanwhile continue to track developments in both Hormuz and Yemen. Brent has already moved above $108, and another major attack on energy infrastructure or shipping could push prices higher.
