Bloomberg — 2026-07-25#

Lead Story#

The Middle East conflict continues to fracture global energy and shipping markets, as a pause in nightly US strikes on Iran has been met with intensified skirmishes between Houthi rebels and Saudi Arabia. Following claimed Houthi missile strikes on southern Saudi territory, a supertanker bound for the kingdom was forced to U-turn just before the Bab el-Mandeb chokepoint. The escalating blockade risk is forcing global central bankers from Washington to Tokyo to brace for the inflationary shock of oil potentially returning to $100 a barrel.