Matthew Wright warns that oil shipping faces its worst threat level since the start of the Iran war.
Matthew Wright, an analyst at ship-tracking firm Kpler, reports that oil shipping in the Middle East is facing its worst threat level since the Iran war began. The crisis is compounded by a series of attacks by Yemen's Houthi militia on Saudi tankers in the Red Sea, which served as an alternative route when the Strait of Hormuz was blocked by Iran. While Iran denied that it was in talks with the US over reopening the strait, it confirmed it was speaking to Oman to secure the shipping lane. However, analysts suggest that a deal without US involvement would be a "false start." Oil prices fell sharply after President Trump said he would cancel planned strikes on Iran based on the potential for upcoming talks. The shipping industry faces a broadening and deteriorating security situation, with many vessels