Commodities
Houthis Advance Down Red Sea Coast, Threaten Saudi Oil Exports
Houthi forces have advanced down the Red Sea coast of Yemen, gaining control of strategic islands and threatening Saudi oil exports through the Bab el-Mandeb Strait.
The Houthis seized Mocha port city on Thursday and reached the Hanish Islands, further strengthening their leverage over the southern outlet of the Red Sea.
The Houthi-run humanitarian operations coordination centre stated that navigation in the Red Sea is safe for all shipping companies except Saudi vessels.
This development has significant implications for global oil supplies, as Saudi Arabia relies on the Red Sea route since the Iran conflict effectively closed the Strait of Hormuz.