Middle East crisis: War consequences for global oil supply chains and diplomacy
Conflicts in the Strait of Hormuz and the Red Sea force oil exporters to use alternative pipelines, ports, and longer tanker routes. Meanwhile, Middle East diplomacy shows cracks, with Iran suspending talks with Gulf states. Oil prices rose more than 3% following Houthi attacks on Saudi Arabia, the world's largest oil exporter. Alternative bypass routes are also coming under pressure.