Iran Continues to Benefit from Mideast War
Latest Developments
Global oil prices spiked on December 18 after BP announced that it is pausing traffic in the Red Sea due to “the deteriorating security situation for shipping.” This announcement came as Yemen’s Iran-backed Houthis attacked two commercial vessels in the Red Sea — the latest in a string of Houthi missile and drone attacks against ships in the area. The rise in oil prices will benefit Tehran, which is also raking in cash from U.S. sanctions waivers, including access to $10 billion previously held in escrow in Iraq.