Houthis Threaten Saudi Oil Exports with Yemen Coast Advance

The Houthi advance along the Yemeni coast has reached strategic islands and threatens Saudi oil exports, raising concerns about freedom of navigation through the Bab el-Mandeb Strait.

Military sources said the Iran-aligned Houthis have gained control of Mocha and advanced down the Red Sea coast to Hanish islands, gaining leverage over a critical shipping route. The Strait of Hormuz is already closed due to the conflict with Iran.

This development could give their backer, Iran, an advantage in the war with the United States, reducing supplies through another major transit corridor and potentially sending oil prices surging.

Brent crude prices jumped 4% on Thursday above $105 a barrel due to concern over disruption to supply routes. The US national average price of diesel surpassed $6 a gallon for the first time ever.