Houthis Advance on Yemen Coast, Threaten Saudi Oil Exports
The Iran-aligned Houthis have made significant gains in Yemen's Red Sea coast, seizing control of the port city of Mocha and advancing towards strategic islands. This development threatens Saudi oil exports through the Bab el-Mandeb Strait, one of the world's most important shipping routes.
The Houthis' progress has raised concerns about freedom of navigation and oil prices. Brent crude prices jumped 4% on Thursday above $105 a barrel, and the US national average price of diesel surpassed $6 a gallon for the first time ever.
The Yemeni government's military sources said the Houthis had gained further leverage over the Bab el-Mandeb Strait and reached the islands of Hanish. If they gain control of the waterway, it could give their backer Iran a critical advantage in the war with the US.