Saudi Arabia Confronts Escalating Threats from Houthi Rebels and Iran
Saudi Arabia is facing mounting threats from Iran and its allies, including Houthi rebels who have launched a lightning advance on a crucial Red Sea shipping route. The Houthis have also seized the port city of Mokha and a Red Sea island from Saudi-backed Yemeni government forces, enhancing their ability to block Saudi shipments through the Bab el-Mandeb.
The situation has sent jitters through global markets, with oil exports already plummeting due to Houthi attacks. According to figures compiled by Kpler, Saudi oil exports to Asia dropped from around 3.4 million barrels a day in June to just 128,000 in August, although they had recovered somewhat this month to 700,000.
Saudi Arabia's crown prince and de facto ruler, Mohammed bin Salman, has spent years trying to build a more prosperous and integrated region through wide-ranging social and economic changes. However, those efforts have suffered major setbacks after recent conflicts with Iran and its allies.