Brent crude oil prices surged significantly due to heightened war-risk premiums amid simultaneous threats to crucial shipping chokepoints. The United States appeared to pause its retaliatory strikes against Iran after nearly two weeks of daily operations. Concurrently, Saudi Arabia launched strikes against Iran-backed Houthi targets in Yemen's Hodeida. This escalation followed Houthi attacks on Saudi-linked tankers in the Red Sea, threatening a new conflict front. Houthi forces claimed responsibility for missile attacks on Saudi Arabia, vowing to continue their actions in response to the Saudi strikes. Reports indicated a Saudi Arabian oil refinery was hit by a Houthi missile, causing smoke. Disruptions to traffic through the Strait of Hormuz and the Bab al-Mandab Strait could severely impact Saudi oil exports and global energy markets. Commodity analysts warned of further price increases if the "strait chaos" persists. One oil tanker already rerouted around Africa due to Houthi threats, increasing costs and transit times. However, allied Gulf countries are developing alternative pipelines and ports to reduce reliance on Hormuz. Iran's Revolutionary Guards reported stopping several ships attempting to transit the Strait of Hormuz. The US and UK are planning an international conference to protect shipping in the strait. An LPG tanker with Indian crew members was attacked within Iranian territorial waters but the crew was safe. Bahrain and Kuwait reportedly conducted secret strikes on drone and missile depots inside Iran. China urged both the US and Iran to return to implementing their ceasefire, expressing concern over the escalation. Pakistan is exploring ways to resume stalled US-Iran talks with Chinese support. The US Treasury imposed new sanctions on an Iranian financier's network, targeting individuals and entities involved in sanctions evasion.