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Commodities

Houthi Fighters Reach Strategic Island, Oil Pipeline Shut Down

Guavy AI Editorial Team
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Oil
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Houthi fighters have reached Perim Island in the Bab al-Mandeb Strait, raising concerns over control of this critical global shipping lane.

The Yemen-based Iran-aligned group arrived on the island amid ongoing Middle East conflict, sparking fears that their influence could be solidified.

In related news, Saudi Arabia's East-West oil pipeline has been temporarily shut down following a drone attack originating from Iraq.

The pipeline plays a crucial role in mitigating oil trade bottlenecks in the Strait of Hormuz and its closure will place additional pressure on Gulf oil supplies.

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