Commodities
Houthis Seize Key Coastal Areas in Yemen, Raising Global Shipping Concerns
The Houthi movement in Yemen has seized key coastal areas, including the port of Mokha, which overlooks the Bab al-Mandab Strait, a crucial chokepoint for global shipping. The rapid advance has raised concerns about disruption to the global economy and oil prices have risen as a result.
The Houthis, who are backed by Iran, control much of north-west Yemen and have been at odds with Saudi Arabia, which supports the internationally-recognised government in Yemen.
The conflict has escalated in recent weeks, with the Houthis firing drones and missiles at Saudi airports, oil facilities, and tankers in the Red Sea. They claim they are retaliating for a years-long Saudi blockade and an air strike on Sanaa airport.