Iran War's Global Shockwave: Oil Surges, Economies Squeeze, and Politics Realign

Oil prices surged past $108 per barrel after Houthi forces captured the strategic island of Perim in the Bab al-Mandab strait, threatening a key alternative to the blocked Strait of Hormuz. Saudi Arabia's east-west pipeline—carrying 4 million barrels daily, or 4% of global supply—was shut down after drone attacks launched from Iraqi territory, with Riyadh's Red Sea port stocks set to last just five to seven days. The Iran war, now in its seventh month, has cost the...