Oil Prices Exceed $100 Amid Middle East Instability

International oil prices reached $100 per barrel during intraday trading, increasing market anxiety. West Texas Intermediate (WTI) closed up 1.69% at $93 per barrel.

This is attributed to the escalation of clashes between Yemeni Houthi rebels and Saudi Arabia, amplifying geopolitical risks in the Middle East.

The Strait of Hormuz, a critical oil transport route in the Middle East, handles about 30% of global oil shipments. If it were blocked, oil exports from major producing countries like Kuwait, UAE, and Qatar would face severe disruptions.

To mitigate this risk, Saudi Arabia utilizes the Red Sea bypass route via the East-West Pipeline, but even this is exposed to threats from Houthi rebels.

Yemen's Houthi rebels are assessed to possess forces and organizational capabilities akin to a government army, not merely a guerrilla group. They have demonstrated actual governance capabilities, including occupying Yemen's capital, Sana'a, in 2014.

The Shia Houthi rebels are in opposition to the Sunni Saudi government, threatening regional security.

Houthi rebels continue to threaten and inspect merchant ships passing through the Red Sea. Oil tankers are a primary target, and they sometimes cause confusion in identifying container ships and oil tankers.

Some vessels even attempt to use the Suez Canal by falsely reporting their cargo after loading oil, placing a real burden on the shipping industry.

Houthi rebels attacked four cities in southern Saudi Arabia with drones and missiles. This was the largest strike targeting the Saudi mainland since the war in February, raising concerns that the localized conflict could escalate into a full-scale war.

The Saudi foreign minister issued an official statement in response, expressing a firm stance. The Middle East situation is spiraling into an even more unpredictable state.

Former U.S. President Donald Trump took an unusual step by holding a convention during the midterm elections, revising party rules. This is interpreted as part of a 'Trump show' aimed at regaining his approval ratings and strengthening his political influence.

Trump sought to highlight his presence by mentioning an end to wars in the Middle East in connection with election results.

Former President Trump asserted that Iran possessing nuclear weapons would endanger the entire world. He linked the rising oil prices, a concern for his American supporters, to Iran's nuclear weapons threat, laying out his foreign policy direction.

This appears to be an attempt to stir anxiety among his supporters and justify his hardline stance.

Former President Trump stated that he discussed peace with Russian President Putin for over two hours. However, he has not presented clear solutions for major foreign policy issues like Iran's nuclear program or the war in Ukraine.

This reveals the limitations of Trump's foreign policy in leading to concrete results.

such as building nuclear-powered submarines, securing enriched uranium, and regaining wartime operational control. There are concerns that these sensitive issues could lose momentum with a change in government.

Meanwhile, South Korea is in a dilemma regarding the U.S. request for troop deployment to the Middle East, as an independent deployment decision carries significant political burden.

French President Emmanuel Macron expressed his willingness to cooperate on a multinational mission in the Strait of Hormuz once consent is obtained from the respective countries. This helped to alleviate South Korea's burden of independent troop deployment.

President Macron's remarks are seen as providing a breather for South Korea, which was unilaterally pressured for deployment.

While Iran maintained a lower level of criticism for other countries like France and the UK, it specifically singled out South Korea with a firm stance.

This suggests that severe consequences could follow if South Korea's troop deployment to the Middle East materializes.

Overall, related industries are showing favorable conditions, attracting investors' interest.

This is analyzed as a reflection of growing expectations for the industrial sector amidst trends of energy transition and increased infrastructure investment.

This is a result of Hanwha Ocean's technology and competitiveness being internationally recognized.

Beyond simply delivering vessels, it symbolizes friendly diplomatic relations between the two countries and is expected to be a positive signal for domestic defense industry exports.

Walkerhill Bon Galbi consists of boneless beef ribs, packaged in three 300g packs, totaling 900g. It's a generous amount, nearly 1kg.

Walkerhill's special sauce is included to enhance the flavor, and a gourmet galbi meal can be prepared at home in about 7 minutes.

Walkerhill Bon Galbi boasts a tender texture comparable to steak. It is designed to bring the quality of hotel dining to your home.

Sold for 47,900 won, pre-trimmed and seasoned, it is also highly suitable as a holiday gift.

The U.S. Polo Knit set of 3 is available in different color combinations for men and women. The men's set includes black, brown, and charcoal gray.

The women's set includes ivory, pink, and navy, and all three sweaters are shipped together once the gender is selected.

The Polo Half-Zip Knit features a zipper only at the neck, making it easy to put on and take off while allowing for stylish looks. The design combines plain and cable-knit patterns.

Both men's and women's sets include one cable-knit and two plain designs, allowing for various styles.

U.S. Polo Knits for men are available in a range of sizes from 95 to 115. Generally, choosing one size larger than your usual size is recommended for a more comfortable fit.

This can be adjusted according to individual body shape and preferred fit.