Traditional manufacturing-led economic models are facing scrutiny as global policymakers shift their focus toward service-oriented growth strategies.

Houthi rebels have warned global shipping firms that vessels using Saudi ports face the risk of military targeting following a breakdown in regional stability. The escalation impacts the Red Sea, a vital corridor for global trade.

Brent crude futures rose as military engagements in the Strait of Hormuz reduced shipping traffic by over 50 percent. The crisis is fueling supply concerns and expectations of potential Federal Reserve interest rate hikes.