Oil prices experienced volatility but are set for significant monthly gains due to escalating US-Iran tensions and Houthi attacks impacting Red Sea navigation. Saudi Arabia is forming an alliance to protect Red Sea shipping, while Black Sea supply concerns also persist.
The 1936 Montreux Convention grants Turkey sovereignty over the Bosporus and Dardanelles straits, making it the gatekeeper to the Black Sea. During wartime, Turkey can block warships from belligerent nations, a clause invoked in 2022 to restrict Russia's naval reinforcement and shape the Ukraine conflict's maritime dynamics.
Egypt, Somalia, Eritrea, and a US envoy held diplomatic consultations in Cairo to coordinate approaches to security in the Horn of Africa and Red Sea, amidst Ethiopia's maritime ambitions and shifting regional alliances.
Turkish Foreign Minister Hakan Fidan will visit Moscow on June 16-17 to reaffirm Turkey's readiness to host Russia-Ukraine talks and discuss Black Sea security measures. Fidan will highlight the threat of growing tensions in the Black Sea and Turkey's ongoing ceasefire proposal.
Egyptian Foreign Minister Sameh Shoukry and his Eritrean counterpart Osman Saleh emphasized the importance of activating the Council of Arab and African States bordering the Red Sea and the Gulf of Aden to enhance regional stability and collective security.
Egypt and Yemen reiterated their rejection of non-littoral states' involvement in Red Sea security, stressing it's an exclusive responsibility of bordering Arab and African nations. Ethiopia, seeking a port access, faces opposition from Egypt, which views it as a threat to national security and regional stability.
