Houthis Seize Strategic Port as Oil Prices Soar

The global oil market is on edge due to escalating tensions in the Middle East. Brent futures topped $105 per barrel as Yemen-based Houthis seized the strategic port of Mocha, a crucial route connecting the Red Sea with the Gulf of Aden.

This move gives the group greater leverage near the Bab el-Mandeb Strait, which has become important for Saudi oil shipments since the conflict with Iran disrupted traffic through the Strait of Hormuz.

OPEC cut its full-year 2026 global oil-demand growth forecast to 380,000 barrels per day, marking its fifth straight downgrade. This comes as Saudi Arabia's crude production fell to its lowest level since 1990 due to disruptions in export routes.