Houthis Seize Key Island in Bab el-Mandeb Strait, Oil Prices Soar
The Iran-aligned Houthis have tightened their grip on a vital global shipping route in the Middle East war by reaching the strategic island of Perim in the Bab el-Mandeb Strait. The Houthi advance is putting pressure on Gulf oil flows at a time when diplomatic efforts to ease war have stalled.
Saudi Arabia's East-West oil pipeline, which has helped relieve the logjam in the Strait of Hormuz, was temporarily shut down by a drone attack coming from Iraq. This attack resulted in some injuries and damage that is being assessed.
The Houthis' control of Perim could give their backer Iran a critical advantage in its war with the US, reducing supplies through a second major corridor and further raising oil prices. Oil prices dipped on Friday after surging a day earlier, but Brent futures were trading at about $US105 a barrel.
Saudi Arabia has asked Washington for military help, but Washington told Riyadh it was not willing to take direct military action for now, but would help with intelligence sharing and targeting.