Houthis Advance Along Red Sea Coast, Threaten Saudi Oil Exports

Houthi rebels in Yemen have advanced along the Red Sea coast, posing a threat to Saudi oil exports and potentially giving Iran a strategic advantage in the war against the United States.

The Houthis have gained control of key locations along the coastline, including the islands of Hanish, which puts them within striking distance of the Bab el-Mandeb Strait, one of the world's most important shipping routes.

Saudi Arabia relies on the Red Sea route for oil exports since the Iran conflict effectively closed the Strait of Hormuz, through which a fifth of global oil used to flow.

The Houthis' gains have sent Brent crude prices surging as much as 4% above $105 a barrel, while diesel prices in the US reached an all-time high of over $6 per gallon.