The U.S.-Iran conflict has sharply escalated, with the United States carrying out large-scale air strikes on targets in southern Iran for a second straight day. Iran has instructed the Houthi movement to prepare to shut an oil export route through the Red Sea, while oil exports through the Strait of Hormuz have already been constrained. Brent and WTI crude futures rose more than 1.2% in a single session and are up nearly 12% for the week. The International Energy Agency warned that if the situation does not ease within the next few weeks, global oil supply security could be severely threatened.