First Hormuz, now the Red Sea? Oil spikes as Saudis sucked into Yemen spiral

Intelligence summary

First, there was Donald Trump’s surprise decision to strike Iran. Then, came the quagmire of a war without an exit strategy. Now, six months later, with access to the Gulf all but shut… global shipping holding its breath over the other end of the Arabian Peninsula. Saudi Arabia drawn back into Yemen as Iran-backed Houthis threaten access to the Red Sea.