In a recent interview, Iranian President Masoud Pezeshkian emphasized that the U.S. must decide whether to conclude the seven-month conflict, which has seen increased missile attacks from the Houthis on Saudi Arabia. Saudi authorities reported intercepting six ballistic missiles aimed at their territory, prompting emergency alerts in major cities.
In response, Saudi Arabia, Turkey, and Pakistan are convening to discuss defense strategies under the Mecca Joint Defense Agreement. Pezeshkian attempted to distance Iran from the conflict, asserting that the Houthis are acting independently. Meanwhile, Saudi Arabia's Grand Mufti called for military readiness against the Houthis.
The ongoing conflict has contributed to volatility in oil markets, with Brent crude futures falling 1% to $93.66 per barrel and U.S. West Texas Intermediate futures down 0.68% at $105.86 per barrel. Vessel transits through the crucial Strait of Hormuz have significantly decreased, indicating heightened tensions.
The situation is further complicated by the recent U.S.-China summit, where discussions included the Middle East conflict, with China expressing a willingness to help de-escalate tensions. The potential reopening of the Strait by Iran could occur within a week if the U.S. eases its naval blockade, which would have significant implications for global oil supply and prices