Egyptian authorities confirmed that a drone caused a fire on two gas vessels at the Damietta port, occurring amid heightened geopolitical tensions in the Middle East. This incident has raised concerns about an escalation in military activity involving Iran and the security of Gulf energy infrastructure. Markets are now pricing a 36% probability of Iranian military action against a Gulf state before July 31. Statements from Iranian officials, particularly Ebrahim Raisi and Ali Khamenei, as well as responses from Saudi Arabia and the UAE, will be closely monitored over the next 24 hours.
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