Houthi Attacks on Red Sea Coast Spark Global Market Jitters
Yemen's Iran-backed Houthi rebels have extended their reach to a key maritime chokepoint, threatening Saudi Arabia's oil exports. The Houthis' biggest land grab in years has reignited Yemen's 12-year civil war and pushed up global fuel prices.
The attacks began a week ago when the Houthis stormed down the Red Sea coast, targeting crucial infrastructure. This move has given Iran another potential source of leverage as the United States has started to loosen Tehran's grip on the Strait of Hormuz.
Global markets have been rattled by the escalating conflict, with fuel prices rising in response to the increased tensions. The Houthis' actions have also highlighted the ongoing instability in the region and the need for a lasting solution to the civil war.