Iran and its Houthi allies reportedly launched fresh attacks against Persian Gulf interests, amid a bid to seek greater leverage near the Strait of Hormuz, escalating regional security concerns.
An oil and chemical tanker near Qatar was hit by multiple projectiles late Wednesday, resulting in casualties, reported the Wall Street Journal, citing maritime intelligence firm Vanguard and the U.K. Maritime Trade Operations agency. No group claimed responsibility for the tanker attack. However, regional officials told the publication that Iran was likely behind the incident.
The Houthis followed up with strikes on Thursday in Saudi Arabia, damaging aircraft at Riyadh's international airport and forcing residents to take cover for a third consecutive day, Reuters reported. A Saudia Airlines commercial plane was heavily damaged by fire at an airport terminal on Thursday after being struck by shrapnel from an interception or another projectile.
Rising Attacks Threaten Key Oil Routes
The latest attacks add to a week of worsening tensions across major energy corridors. Over the past weekend, Saudi Arabian and Yemeni government forces launched a counteroffensive against the Houthis after the group seized territory weeks earlier.
The Houthis aim to retake the Bab al-Mandeb Strait, a vital route for Saudi oil exports, and have struck a Saudi Aramco refinery. The group could also target Saudi Arabia's East-West pipeline, which recently resumed operations.
Shipping risks also expanded beyond the Strait of Hormuz. Obsidian Risk Advisors Managing Principal Brett Erickson warned that a reported fire aboard a Marshall Islands-flagged supertanker near Fujairah could threaten ship-to-ship oil transfers in the Gulf of Oman. He said disrupting the network, which is also used by shadow fleets to evade sanctions, could severely affect regional oil flows, adding, "It's game over."
At the time of writing, Brent crude oil futures expiring in December 2026 were trading 0.91% lower at $103.31 per barrel. At the same time, WTI crude oil futures expiring in November 2026 were trading 0.54% lower at $91.00 per barrel.
US-Iran Tensions Rise Despite Ongoing Talks
President Donald Trump said the U.S. will not take military action against Iran before the November 3 midterm elections, citing ongoing and productive discussions with Tehran. U.S. officials believe delaying a decision on renewed military action could pressure Iran into making major concessions, particularly on its nuclear program, according to WSJ.
Andreas Krieg of King's College London told the publication that Iran is escalating pressure as Washington strengthens its rhetoric and military posture, even as both sides keep diplomacy open. He warned that efforts to gain leverage could trigger a wider war if a serious incident occurs. "This is precisely what makes the moment so dangerous," he said.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by MarketDash editors.
