Strait of Hormuz Uncertainty Deepens as Gulf Meeting Postponed and Shipping Corridors Face Disruption

Gulf states have postponed a planned meeting with Iran over the Strait of Hormuz, while Houthi forces have captured coastal territory in Yemen near the Bab el-Mandeb Strait. Despite the regional tensions, major container carriers including Cosco, OOCL, and CMA CGM are resuming Red Sea transits via the Suez Canal. Suez Canal crossings have remained elevated, and ultra-large vessels are increasingly transiting the area. Meanwhile, drone attacks in Iraq forced the closure of a key Saudi oil pipeline, pushing Brent crude above $100 per barrel. Iran has also issued a list of 77 vessels it says violated Strait of Hormuz protocols, threatening fines, detention, or confiscation.