Dow futures fall 300 points as Wall Street braces for potential U.S. ground assault on Iran and Houthi attacks that could slash oil supplies further

Over the weekend, sources told the Washington Post that the Pentagon is preparing for weeks of ground operations in Iran, though the White House said the plans don’t mean Trump has made a decision. With the Strait of Hormuz largely closed off and one-fifth of the world’s crude bottled up in the Persian Gulf, the Red Sea has emerged as a vital alternate route for getting oil to global markets. The Houthi attack comes just as Saudi Arabia’s East-West pipeline is now pumping oil at its full capacity of 7 million barrels a day, sending crude to the Red Sea port of Yanbu and circumventing the Strait of Hormuz.

Author: Jason Ma

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