Saudi-Türkiye-Pakistan sign defense pact as peace talks drag

In a move to bolster their defenses amid deteriorating security in the Gulf, Saudi Arabia, Türkiye, and Pakistan have inked a military pact in Mecca. This alliance brings together the second-largest NATO army, the world’s largest oil exporter, and the sole nuclear-armed Muslim nation. The pact stipulates that an armed assault on any one of the three countries shall be viewed as an assault on all three.

Iran is striving to solidify its grip over the Strait of Hormuz. Reports suggest Iran could forge a deal with Oman, which would prevent US and Israeli ships from sailing in the Gulf. Other proposals entail blocking and fining vessels of any "hostile" nations, granting Iran greater control over the waterway than ever before the conflict.

Consequently, oil prices spiked and global markets dipped on Friday as anticipation for a full resumption of Strait of Hormuz operations appeared increasingly doubtful.