Houthis' Perim Island Seizure Threatens Global Oil Supplies Amid Middle East Tensions

The strategic island of Perim in the Bab el-Mandeb Strait has been seized by Yemen's Iran-aligned Houthis, according to Yemeni government sources on Friday. This takeover threatens global oil supplies and escalates Middle East tensions.

The Houthis' move extends Iranian influence, potentially driving a surge in oil prices as it offers Tehran a critical advantage. Diplomatic efforts among stakeholders continue in Oman to address safe commercial shipping in the Strait of Hormuz.

Satellite imagery revealed smoke near Saudi Arabia's East-West oil pipeline, which is vital for redirecting crude exports from Hormuz. This development has led to a decline in Saudi crude supply and a spike in global oil prices.