Houthis Seize Port City, Threaten Saudi Oil Exports Amid Yemen Conflict
The Iran-aligned Houthis have made significant gains in Yemen, seizing control of the port city of Mocha and advancing down the Red Sea coast. Military sources report that they have gained further leverage over the Bab el-Mandeb strait, a critical shipping route for oil exports.
The Houthi advance has raised concerns about freedom of navigation and could give their backers in Iran an advantage in the war with the US. Brent crude prices jumped 4% to above $105 per barrel on Thursday, amid fears that supply routes could be disrupted.
Yemen's Houthi-run humanitarian operations coordination center stated that Red Sea navigation is safe for all shipping companies except Saudi vessels. However, Saudi Arabia, the world's largest oil exporter, relies heavily on this route due to the conflict in Hormuz.