The Iran-backed Houthi militia said its forces attacked two Saudi oil tankers in the Red Sea overnight. Oil prices have recently climbed amid daily tit-for-tat strikes in the Gulf between Iran and the United States around the Strait of Hormuz

Houthi threats, Iranian strikes and a Hormuz standstill send oil surging as the US-Iran conflict enters its 10th day.

The attack on ships in the Red Sea threatened to expand the conflict and severely impact global oil supplies already hobbled by the blockade of the Strait of Hormuz.