Iran-aligned Houthi militants carried out strikes against Saudi Aramco facilities at Jizan and Yanbu on July 24-25, causing fires at the sites and raising concerns about global energy production. Brent crude crossed the $100 threshold in early July for the first time since May, with the rise directly linked to supply disruptions from the ongoing conflict. The Strait of Hormuz, through which roughly a fifth of global oil passes daily, is experiencing increasing disruptions. Bitcoin faced downward pressure around July 8 due to a broader flight from risk assets, but the cryptocurrency sector has not experienced any direct structural disruptions from these attacks.
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