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World News updates: Houthis strike Marib again as UN warns Yemen nearing wider conflict

City Wise Rate:

Tensions in West Asia

Washington anticipates that Iran and Oman will shortly come to a deal to reopen the Strait of Hormuz and restore commercial sea traffic, according to a U.S. official quoted by Reuters.

Meanwhile, Saudi Arabia, Türkiye, and Pakistan have established a mutual defence treaty in Mecca, formally agreeing that a military assault on any single member will be treated as an attack on all three. Meanwhile, responding to growing regional friction, Iranian President Masoud Pezeshkian made it clear that while Tehran isn’t looking for war or land, it refuses to bow to pressure or intimidation.

On July 23, global crude oil prices underwent a steep rise as Brent crude broke past the $100 per barrel mark for the first time since May, surging over 6% within just one trading day. This rapid price spike highlights growing fears surrounding international energy supply bottlenecks, fueled by expanding military conflicts across West Asia and recent strikes targeted at merchant shipping lanes.

Tensions in the region had briefly cooled off following a surprise 60-day agreement brokered between the United States and Iran in mid-June 2026, which was designed to pause armed clashes and safeguard critical marine channels. However, persistent attacks and ongoing risks to open water routes quickly tore apart the fragile accord, leading both nations to abandon the cease-fire and resume active military maneuvers.

As diplomatic pathways crumbled, intense instability within energy markets pushed investors to seek refuge in gold as a trusted hedge against global turmoil. Local gold markets are reflecting this international uncertainty, with domestic prices fluctuating daily in response to worldwide spot rates, official import taxes, and foreign exchange movements.