Commodities
Houthi Rebels Seize Island in Yemen, Threaten Key Shipping Route
The Houthi rebels in Yemen have captured Mayun Island, a small volcanic island in the Bab el-Mandeb Strait, in a swift advance that threatens Saudi oil exports. The strait is a key alternative to the Iran-choked Strait of Hormuz.
Saudi Arabia responded with airstrikes against the airport in Mokha, a key port city seized by the Houthis on Thursday. There were no immediate reports of damage or deaths.
The capture of Mayun Island has raised concerns about global shipping and oil prices. The strait is used by 12% of the world's goods, including Saudi crude exports, which have relied on it since Iran began targeting vessels in the Strait of Hormuz.