How the U.S.-Iran showdown has shattered the myth of an “unsinkable” defense umbrella—and why the Gulf monarchies are quietly shopping for a new guarantor. The “Oil-for-Protection” Deal That BackfiredFor generations, the strategic bargain between Washington and the Persian Gulf monarchies was strikingly straightforward: The United States guarantees the territorial integrity …

The Red Sea is becoming the “lesser evil” for shipowners, analysts said, as uncertainty in the Strait of Hormuz outweighs the threat posed by Yemen’s Houthi militants. The Iranian-backed rebels began attacking commercial vessels in the Red Sea and its southern gateway at Bab el-Mandeb in late 2023, prompting most …

Forecasts that oil could reach $200 a barrel spread rapidly at the start of the US-Iran war and experts pondered whether the Strait of Hormuz could remain closed for a prolonged period. But these dire predictions never materialised. The highest level the global benchmark price, Brent crude futures, reached was …