Houthi Attacks Push Global Energy Prices Higher
Fresh attacks on Saudi oil infrastructure have put upward pressure on global energy prices and political pressure on the White House to intervene. The East-West Pipeline, also known as Petroline, will be shut down for a matter of weeks due to drone strikes launched from Iraq that Saudi Arabia blamed on an Iran-backed militia.
The pipeline, spanning about 750 miles across Saudi Arabia, has become a critical route to avoid exporting oil through the Strait of Hormuz during the conflict with Iran. With a capacity to carry up to 7 million barrels of crude oil daily, its closure will undoubtedly impact global energy markets.
The Houthi rebels, backed by Iran, have been asserting control over more strategic territory surrounding the Red Sea and its Bab el-Mandeb Strait. They claim to have carried out a large-scale attack on Saudi Arabia's King Khalid Air Base, with their military spokesperson Yahya Saree stating that they will continue 'qualitative military operations deep inside Saudi as long as the unjust aggression against our people continues.'
In response to these developments, Crown Prince Mohammed bin Salman met with the top U.S. military commander in the Middle East to discuss the latest regional developments.