"We affirm that we will meet escalation with escalation, and that our military operations will escalate in line with events, the battle..."

Oil prices would spike if Iran's Houthi allies started attacking ships passing through the Bab el-Mandeb Strait.

Israel and Iran resumed strikes on Sunday

Houthis vow to block Israeli ships in the Red Sea. Bab el-Mandeb Strait effectively closed by June 30 at 15.4% YES.