Oil prices surge past $100 a barrel as Houthi rebels strike Saudi tankers in the Red Sea, reigniting regional tensions. With global trade routes through the Bab el-Mandeb Strait under threat, the U.S. and Iran trade escalating threats — Trump warns of retaliation, Iran vows to strike U.S. interests — all following a breakdown of a June ceasefire. Shipping has plummeted, U.S. naval blockades are back, and diplomacy stalls as both sides dig in, leaving markets rattled by uncertainty.
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