Iran-Backed Forces Disrupt Key Maritime Routes as Crude Prices Soar
The escalating conflict between Iran and its allies has taken a new turn as they intensify efforts to disrupt key maritime routes in the Middle East. This move has raised concerns over global oil supplies, shipping costs, and fuel prices.
The crisis began with disruptions around the Strait of Hormuz, a vital waterway between Iran and the Arabian Peninsula. The Iranian forces started disrupting shipping through this waterway after the US and Israel launched attacks against Iran on February 28.
Now, Iran-aligned Houthi forces in Yemen have moved to increase pressure around the Bab el-Mandeb Strait, another major trade route connecting the Red Sea with the Gulf of Aden. The Houthis announced on September 11 that they had seized Perim Island, a strategically located island near the Bab el-Mandeb Strait.
The latest developments have already affected crude markets, with Brent crude briefly climbing to almost $110 a barrel before falling to around $104 on September 11.