Ukraine announced it attacked an Iranian cargo ship ferrying military supplies to Russia in the Caspian Sea, days before drones struck liquefied natural gas tankers off Egypt’s coast, marking the first time the country was hit in this conflict. Saudi Arabia announced the formation of a 14-country military coalition, including Turkey, Egypt, Pakistan and Nigeria, to protect shipping in the Red Sea against Iranian-backed Houthi rebels. Russia has also expanded its operations, with drones hitting Romania and a missile landing in Poland, violating NATO airspace for the first time. Multiple seas, from the Caspian to the Baltic via the Mediterranean and the Red Sea, have become arenas for this geographically expanding war. An Alpine Macro expert warned of a tail risk of convergence between the Ukraine conflict and the Iran war.
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