Houthi Strikes Spark Oil Price Surge Amid Middle East Conflict
The conflict in the Middle East has taken another turn for the worse as Houthi strikes on Saudi Arabia have led to fresh uncertainty over a potential deal between Iran and the US. The US President, Donald Trump, claimed that Iran wants to make a deal to end the war, but Gulf Arab states have postponed scheduled negotiations with Tehran following the recent attacks.
The Houthis have launched a lightning offensive against the Saudi-led military coalition in Yemen, solidifying their grip on the Bab el-Mandeb strait. They have also fired dozens of missiles and drones at a military airbase in southern Saudi Arabia, causing oil prices to jump by nearly 4%.
The crisis has worsened the global energy market, with Brent crude briefly hitting $108 per barrel. The White House attempted to downplay concerns, but regional leaders remain divided on how to stabilize the region's maritime lanes.