Houthis' Advances in Yemen Send Oil Prices Soaring

The conflict in Yemen has escalated significantly as the Houthis continue their advances against Saudi-backed forces. According to reports, Houthi forces have taken control of over 4,200 square kilometers of territory and have captured key locations such as the port city of Mocha and several islands in the Red Sea.

The Houthis' gains have put pressure on global oil supplies as they threaten to block the Bab el-Mandeb Strait, through which a significant portion of Saudi oil exports pass. In response, Saudi Arabia has appealed to Israel for intelligence and military support, marking a significant shift in regional alliances.

The US has declined direct military intervention but is offering assistance with intelligence sharing and target identification. The conflict's expansion has led to increased oil prices, with Brent crude rising above $100 per barrel.