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What is the story about?
Oil prices steadied after gaining for two days as the US and Iran hostilities in West Asia continued, while Yemen's Houthi militants threatened Saudi Arabia's maritime traffic in the Red Sea with a blockade.
The US launched 10th consecutive day of strikes after President Donald Trump vowed Iran "will pay" for killing American soldiers. Iran responded to the same with attacks on Kuwait.
On Monday, the Iran-backed Houthis said they are imposing a ban on maritime traffic from Saudi Arabia, threatening the Red Sea route which allows the latter to export millions of barrels of crude via a cross-country pipeline that bypasses the Strait of Hormuz.
The Saudi Foreign Ministry said it will take all required measures to protect the ships in accordance with international law.
With inputs from Bloomberg
The US launched 10th consecutive day of strikes after President Donald Trump vowed Iran "will pay" for killing American soldiers. Iran responded to the same with attacks on Kuwait.
On Monday, the Iran-backed Houthis said they are imposing a ban on maritime traffic from Saudi Arabia, threatening the Red Sea route which allows the latter to export millions of barrels of crude via a cross-country pipeline that bypasses the Strait of Hormuz.
The Saudi Foreign Ministry said it will take all required measures to protect the ships in accordance with international law.
With inputs from Bloomberg
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