Updated

Tensions in the Strait of Hormuz intensified after the UK Maritime Trade Operations reported that a vessel was struck, coming just before an anticipated meeting between Iranian and Gulf officials in Oman aimed at securing a shipping safety agreement. President Trump suggested the U.S. could become involved, while Iran remained defiant, and traders braced for further disruption to a critical global oil chokepoint. The crisis widened after Saudi Arabia shut down its roughly 750-mile East-West pipeline, a key alternative route that bypasses the Strait of Hormuz, citing damage from drone attacks tied to Iran-allied militant groups. Brent crude surged past $108 a barrel and WTI also jumped, with satellite imagery confirming extensive damage to the pipeline infrastructure; JPMorgan strategists warned of the risk of missing a swift market reversal if oil holds above $100. Gold prices fell in the aftermath even as broader risk assets wobbled, and analysts said the compounding attacks on both the Strait and Saudi overland routes have sharply raised the stakes for global energy supply.