Houthis Strike Saudi Arabia as US Pauses Iran Strikes

The Houthis, based in Yemen, claimed to have struck Saudi Arabia with missiles on Saturday morning. The attack targeted the southern city of Jizan, which is home to an oil refinery operated by Aramco. This escalation comes after a recent spate of strikes on Iranian targets by the US, which appears to have paused its operations.

The Houthis had warned that they would blockade Saudi ports and strike any ships visiting them in response to recent strikes on their positions in Yemen. They claimed responsibility for hitting at least one oil tanker in the Red Sea last week. The attack has compounded an already tense situation, with global energy flows under pressure due to hostilities between the US and Iran.

The Strait of Hormuz, through which a fifth of global crude is transported, remains largely paralyzed by tensions between the two countries. Any disruption to Saudi Arabia's Red Sea export routes could push oil prices even higher. Brent crude has soared around 27% in the past two weeks, closing at $96.78 a barrel on Friday.