Houthi Rebels Seize Control Over Vital Shipping Lane
The Houthi rebels have expanded their control over Yemen, capturing key territory along the Red Sea coast and near the Bab el-Mandeb Strait. They've also taken Perim Island, a strategic location in the middle of the strait that gives them a powerful position to target ships with long-range missiles, artillery, and short-range missiles.
The Houthis' control over Bab el-Mandeb puts significant pressure on Saudi Arabia, which relies heavily on oil exports through this vital shipping lane. The strait is responsible for 8% of the world's natural gas and 11% of its oil supply, making it a crucial route for traffic between Europe and Asia.
The Houthis' increased control over Bab el-Mandeb has implications beyond Yemen, as it could lead to higher fuel prices in Europe and other countries as winter approaches. The US may provide limited assistance to Saudi Arabia, including intelligence support, but is wary of escalating tensions with Iran, which supplies the Houthis.
The conflict also highlights the vulnerability of Saudi oil production, which fell by 1.9 million barrels per day in August to just 6.24 million barrels, its lowest level in over three and a half decades.