On Tuesday, Iran launched multiple ballistic missiles targeting U.S. forces in the Middle East, although all missiles were intercepted, according to U.S. Central Command. The attack, reportedly aimed at a U.S. base in Jordan, follows a brief pause in hostilities between the U.S. and Iran. In response to the attack, U.S. crude futures rose over 4% to $82.5 per barrel.
This escalation comes amid concerns over the U.S. military's diminishing stockpiles of air defense munitions, which President Trump has downplayed. Additionally, there were reports of suspicious activity in the Red Sea, where a tanker crew reported an explosion, although it remains unclear if this incident is linked to Houthi rebels.
The Bab-el Mandeb strait, a crucial oil export route, could face disruptions if tensions escalate further, potentially exacerbating the already strained oil supply due to Iran's previous attacks on tankers in the region