The United States carried out a fresh wave of strikes against Iranian military targets on Tuesday, while Iran retaliated with missile attacks targeting US-linked positions and activating air defences across several Gulf states.
Regional diplomatic efforts to ease the crisis around the Strait of Hormuz appeared to stall on Monday after a meeting between Iran and other Gulf countries was postponed, as fresh attacks on shipping and Saudi Arabia's closure of a key oil pipeline heightened concerns over global energy supplies.
Global oil markets face a fresh supply shock after Saudi Arabia shut down its 1,200-km East-West Pipeline following multiple drone attacks, as continuing attacks on shipping in the Strait of Hormuz and a widening Houthi offensive in the Red Sea threaten to disrupt vital energy routes on both sides of the Arabian Peninsula.
Oil prices surged to their highest levels since May on Friday as the widening US-Iran conflict and a rapid Houthi advance in Yemen raised fears of a prolonged disruption to global crude supplies through the two strategic waterways of Hormuz and Bab al-Mandeb.
Iran and Oman have signalled that they are close to reaching an agreement on arrangements for commercial navigation through the Strait of Hormuz, raising hopes of a breakthrough in the crisis that has disrupted one of the world's most important energy corridors.
Abu Dhabi National Oil Company (ADNOC) has announced that one of its vessels was targeted by a missile today while transiting the Strait of Hormuz early on Saturday (August 8). The incident resulted in no injuries, and the situation has been brought under control, said ADNOC in a statement.
The UAE joined the trade ministers from the BRICS group as they met in India to discuss ways to strengthen the multilateral trading system, improving trade resilience and market connectivity, as well as supporting SMEs amid growing challenges to global commerce owing to Strait of Hormuz shutdown.
Saudi Aramco reported a strong financial performance for the first half of 2026, posting adjusted net income of $67.2 billion, as the world's largest oil producer maintained crude supplies despite unprecedented disruptions to shipping through the Strait of Hormuz.
Oil prices remained near their highest level in more than three weeks on Friday as the deadlock over the Strait of Hormuz and a sharp escalation in US economic pressure on Iran raised fresh concerns about global energy supplies.
US President Donald Trump has threatened to impose sweeping economic punishment on any country that provides a “lifeline” to Iran, escalating pressure on Tehran as the confrontation over the strategically vital Strait of Hormuz enters a critical phase and diplomatic efforts to end the nearly six-month-old war appear increasingly uncertain.
