Oil Surges as Houthi-Saudi Fighting Escalates, Iran Braces for Long War
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Oil prices surge as Saudi-Houthi fighting escalates, adding to risks across the Strait of Hormuz and Red Sea. Brent climbs as Iran and the US brace for a protracted conflict, with Tehran signaling readiness for a long war. Saudi Crown Prince Mohammed bin Salman urged the US to strike the Houthis, but President Donald Trump declined. In an exclusive interview, UAE Foreign Trade Minister Thani bin Ahmed Al Zeyoudi says the UAE plans to invest €46 billion in Germany, including €10 billion for Bavaria. The countries have signed defense deals, with the UAE offering proven technology to German defense companies. Al Zeyoudi says oil routes are shifting away from Hormuz, the UAE rejects Iranian transit fees, and air-cargo routes are expanding for security. Global bonds sell off, pushing the 10-year US Treasury yield toward 5%. Australian yields hit their highest since 2011 and Japanese bonds fall on oil and inflation concerns, while Treasury Secretary Scott Bessent dismisses buyback concerns.
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