Commodities
Houthi Rebels Threaten Global Oil Supplies Amid Yemen Conflict
Yemen's Iran-backed Houthi rebels have been on a rampage for a week, expanding their reach to key maritime chokepoints and threatening Saudi Arabia's oil exports.
The Houthis' biggest land grab in years has reignited the 12-year civil war in Yemen, driven up global fuel prices, and given Iran another potential source of leverage as the US loosens its grip on the Strait of Hormuz.
According to a Houthi official, 'It is Saudi Arabia that closed the Bab el-Mandeb strait to shipping traffic to and from Yemen and imposed an unjust blockade on the country.'