The escalation between US and Iran has now taken a fresh turn-the turn of alleged attacks on oil tankers and commercial shipping. These alleged tanker attacks have
targeted oil tankers and commercial shipping in both the Strait of Hormuz (near the UAE) and the Red Sea and have sparked fresh oil supply concerns. Global oil expert and CEO-Australia, Trading.com Peter McGuire told Times Now Digital, "tempers are rising, US is not going to back down, stakes are rising- impact on oil supplies will be seen more in Asia-China, Japan and India more than anywhere else. See the big picture to be alright, will be in wait and watch mode for how the US-Iran situation continues to unfold." The United Arab Emirates has accused Iran of attacking two oil tankers linked to its oil company in the Strait of Hormuz. Abu Dhabi National Oil Company confirmed that two of its vessels were attacked while transiting through the key waterway. As per official reports, no injuries have been reported so far in the alleged attack. The UAE Foreign Ministry strongly condemned the attack on the ADNOC-affiliated vessels in the Strait of Hormuz, attributing the strike to Iran's Revolutionary Guards, labeling it an act of piracy and economic pressure, and warning of risks to global energy security. As per Reuters, four crew members were killed in an attack by Iran-backed Houthis on a cargo ship in the Bab el-Mandeb strait on Tuesday, Yemen's transport ministry said, while the U.S. military said it struck a container ship attempting to sail toward an Iranian port. Two Yemeni rescuers from an anti-Houthi military group were also killed in the Bab el-Mandeb attack, Yemen's Coast Guard said. While the US Secretary of Defence Pete Hegseth claims that the US can maintain its blockade on Iran "indefinitely", US Vice President JD Vance stated that the main goal of the war is "ensuring that the Gulf countries continue to send oil and gas to the world economy so that we have energy price stability", analysts believe the stakes are rising and along with that the uncertainty of oil supplies and volatility of oil prices.
