The U.S. carried out a tenth consecutive day of strikes against Iranian military targets as fighting showed little sign of easing, while diplomatic efforts to broker a ceasefire remained inconclusive. The conflict has kept global energy markets on edge despite fluctuations in oil prices, as traders weigh the risk of further disruption to crude supplies and shipping routes across the Middle East.

The security outlook deteriorated further after Yemen’s Iran-backed Houthi movement declared a maritime embargotargeting Saudi shipping through the Bab el-Mandeb Strait. Although the group is unlikely to halt all Saudi exports, it has repeatedly demonstrated its ability