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Commodities

Saudi Arabia Engages Iran-Backed Rebels in Yemen, Escalating Regional Tensions

Guavy AI Editorial Team
Instruments
Oil
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Saudi Arabia has traded fire with Iran-backed rebels in Yemen, marking an escalation of tensions between the two Middle Eastern nations. The conflict is part of a larger proxy war being waged by Saudi Arabia and its allies against Houthi rebels backed by Iran.

The fighting comes as oil prices have surged due to concerns over a potential war between the US and Iran, which has led to increased instability in global energy markets.

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