Houthi Rebels Pledge Further Attacks on Saudi Arabia Amid Ongoing Conflict

The Iran-backed Houthi rebels have announced plans to launch more attacks on Saudi Arabia as they continue to gain control of strategic territory near the Red Sea. The latest attack targeted the King Khalid Air Base, with Houthi spokesperson Yahya Saree stating that 'any new aggression will be met with broader and more intense operations.'

The closure of the East-West Pipeline, also known as Petroline, is expected to put upward pressure on global energy prices. The pipeline, which spans 750 miles across Saudi Arabia, carries up to 7 million barrels of crude oil daily.

President Donald Trump downplayed the role that hostilities in the Middle East have played in the rise of U.S. energy prices, stating 'the World's Diesel price rise is mostly caused by the Russia/Ukraine War, not Iran.' However, he also predicted that oil prices will drop once the conflict with Iran ends.

The International Energy Agency (IEA) has cut its projection for average global supply by 1.3 million barrels per day and delayed its expectation for a full recovery in Middle East supply until next year.