Saudi Arabia Forms Red Sea Coalition Amid Houthi Attacks; Oil Prices Rise

Saudi Arabia has launched a multinational maritime defence coalition, supported by 43 countries including Pakistan, to safeguard international shipping and energy supply routes in the Red Sea. This initiative follows disruptive attacks by Yemen's Iran-aligned Houthis on a critical global trade corridor. The escalating tensions in the region have already contributed to higher crude oil prices. This geopolitical development could potentially increase demand for safe-haven assets like gold, while also impacting Pakistan's import bill due to rising oil costs, potentially influencing USD/PKR.

بحوالہ / Source: www.brecorder.com