Iran-Backed Rebels Capture Strategic Island in Red Sea, Threatening Saudi Oil Exports
The Houthi rebels in Yemen, backed by Iran, have made significant gains along the Red Sea coast. They captured a strategic island at the southern entrance to the Red Sea, opening a new front in the Iran-Saudi conflict and threatening Saudi oil exports.
The capture of Mayun, a tiny volcanic island inside the Bab el-Mandeb Strait, has boosted Tehran's strategy of driving up world oil prices. The Houthis have been attacking Saudi shipping on the Red Sea since declaring a blockade in July.
Saudi Arabia, which relies heavily on the Red Sea for its oil exports, has responded by striking the airport in Mokha, the port city near the strait. However, Yemen's government claims that Saudi Arabia didn't get a green light from the US to launch a large-scale air campaign.
The Houthis have vowed 'escalation for escalation' in their confrontation with Saudi Arabia, declaring maritime navigation safe for all companies except for Saudi vessels. The capture of Mayun has curtailed shipping activity through the Bab el-Mandeb Strait by about 60%, forcing Saudi Arabia to find alternative routes.