Crude oil prices shoot up after Red Sea joins Strait of Hormuz as Iran war's second choke point

Key Points:

• President Donald Trump claimed that Chinese President Xi Jinping and Russian President Vladimir Putin assured him they would not sell weapons to Iran, emphasizing their mutual interests and existing relationships.
• Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani urged a return to the memorandum of understanding between the U.S. and Iran during a meeting with UK Prime Minister Andy Burnham, highlighting the importance of dialogue, regional security, and freedom of navigation in the Strait of Hormuz.
• The U.S. Treasury's Office of Foreign Assets Control sanctioned four individuals and nine entities linked to Iran, including companies based in the UAE and Turkey, as part of ongoing efforts to counter Iranian influence.
• The European Union imposed sanctions on six Iranian judges responsible for serious human rights violations and a cyber group leader, increasing the total number of sanctioned Iranian officials and entities to over 322 amid Tehran’s intensified domestic crackdown.
• Eyewitness footage and reports confirm recent U.S. strikes on key Iranian locations, including Bandar Abbas and Qeshm Island, following attacks by Iran’s Islamic Revolutionary Guard Corps on civilian vessels, while Bahrain warned residents amid missile alarms and Iranian threats targeting U.S.-associated sites.