As US-Iran war rages, who's risking the Strait of Hormuz?

The ongoing conflicts in Iran and Ukraine are not only expanding but also merging, drawing more nations into the fray, even those initially claiming neutrality. Last week, Ukraine announced an attack on an Iranian cargo ship carrying military supplies in the Caspian Sea, a move Iran denies despite Kyiv's claims of Tehran supplying drones to its ally.

Egypt, which had previously avoided involvement in the Iran war, fell victim to Iranian-backed Houthi rebels, marking the first time the country's Mediterranean port faced such an attack and potentially threatening the Suez Canal's role as a safe shipping route for oil from the Red Sea. Saudi Arabia responded by forming a military coalition to protect shipping in the Red Sea, with support from 14 countries, including Turkey, Egypt, Pakistan, Nigeria and other Arab and African nations.

Analysts suggest the Iran and Ukraine wars may be interconnected, given the sequence of events - a Ukrainian strike on the Iranian ship followed by attacks on gas tankers in the Mediterranean. This convergence could impact European gas prices, shipping rates, and insurance costs. Russia, meanwhile, is attempting to extend the conflict further, launching drones at Romania and landing a missile in Poland, violating NATO airspace.

These developments highlight the growing international dimension of the Iran and Ukraine conflicts, with energy expert Daniel Yergin warning that various seas - the Persian Gulf, Red Sea, Mediterranean, Black Sea, Baltic Sea, and Caspian Sea - are becoming arenas for oil warfare.