Persistent oil supply disruptions linked to the U.S.-Iran conflict are projected to continue through the end of next year, driving up global fuel price forecasts.

Tehran is reportedly considering tasking Houthi rebels in Yemen with blocking the Bab el-Mandeb waterway, which now serves as a critical global oil route.

The Islamic Revolutionary Guard Corps has closed the Strait of Hormuz indefinitely after firing warning shots at a vessel. This action follows the collapse of ceasefire negotiations and escalating military engagements in the region.