Houthis Seize Island in Red Sea, Threatening Saudi Oil Exports

Yemen's Iranian-backed Houthi rebels have made significant gains in their fight against Saudi Arabia, capturing a strategic island in the Bab el-Mandeb Strait. The strait is a key commercial lane at the entrance of the Red Sea and controls access to one of the world's largest oil shipping routes.

The island, Mayun, is a small volcanic outcropping located near the port city of Mokha. According to officials with Yemen's internationally recognized government, as well as a Houthi official, the Houthis' capture of Mayun marks their biggest territorial gains in years along this critical waterway.

The strait is particularly important for Saudi Arabia, which relies on it to export its crude oil to market. As an alternative to the Strait of Hormuz, where Iran has been striking ships, the Bab el-Mandeb channel has become increasingly crucial for Saudi oil exports.

Saudi officials have declined comment on the developments, but experts warn that markets are nervous about the Houthis' unpredictability and their stated intention to escalate the conflict. The capture of Mayun and the subsequent threat to Saudi shipping routes has contributed to a surge in crude prices above $100 a barrel.