Houthis' Red Sea Advance Threatens Saudi Oil Exports
The Iran-aligned Houthis have advanced along the Yemeni coast and are threatening Saudi oil exports in the Red Sea.
The Houthis captured Mocha, a key port city, and are advancing towards strategic islands overlooking the Bab el-Mandeb Strait, which is one of the world's most important shipping routes.
This development raises serious concerns about freedom of navigation, and if the Houthis gain control of the strait, it could give their backer Iran leverage over another major transit corridor and further disrupt global energy supplies.
The US national average diesel price has surpassed $6 a gallon for the first time, according to price tracker GasBuddy, as Brent crude rose by up to 4% on Thursday to above $105 a barrel.
US President Donald Trump said he expected the conflict to end after the US midterm elections, but UN Special Envoy for Yemen Hans Grundberg told the Security Council that the international community must act to address 'a new and more dangerous phase' in the Yemen war.