New attacks on shipping as Iran war talks hit fresh impasse

Dubai - U.S.-backed Houthis from Yemen launched separate assaults on vessels on Tuesday, casting doubt on the outlook for resolving the Iran conflict, according to reports. The strikes targeted the Gulf of Oman leading into the Strait of Hormuz, as well as the entrance to the Red Sea, both crucial bottlenecks for international oil trade.

This follows a pattern of attacks despite ongoing claims by U.S. President Donald Trump of a deal being near completion. The volatility was evident in the market, with oil prices surging and global equities falling in response to the renewed uncertainty surrounding the conflict's conclusion. Brent crude futures jumped 1.4% to reach $88.91 per barrel, while U.S. crude increased 1.3% to $83.20.

In the southern part of the Red Sea, the Bab el-Mandeb Strait, a Houthi attack on an Egyptian-owned cargo ship resulted in the loss of four crew members, as confirmed by Yemen's Transport Ministry and Yemen's Coast Guard. Two Yemeni rescuers from a group opposing the Houthis also perished in the incident, marking a grim toll on the already dire situation in the region.