The US launched yet another wave of strikes against Iran on Thursday, as the conflict threatened to spiral into new territory.
Tehran told the Houthis in Yemen to shut down a key oil route through the Red Sea if the US targets Iranian power infrastructure, Reuters reported. Houthi leaders also threatened Saudi oil facilities.
The resumption of hostilities has lent fresh urgency to oil producers’ efforts to build new routes for transporting energy. Chevron is exploring a pipeline connecting Iraq’s oil patch with the Mediterranean Sea via Syria. By the end of 2027, seven projects in the region could insulate nearly half of the Gulf’s energy exports from a future Strait of Hormuz shock, Goldman Sachs estimated.