Oil Hits $110 as Houthis Seize Red Sea Strait, 500 Die in Yemen in a Week

Oil Hits $110 as Houthis Seize Red Sea Strait, 500 Die in Yemen in a Week

Houthi forces have captured key points along the Bab el-Mandeb Strait, threatening global oil shipments and pushing prices above $100 a barrel as Saudi Arabia shuts down a major pipeline.

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The Iran-backed Houthi movement has seized strategic territory along the Bab el-Mandeb Strait, a narrow waterway between Yemen and East Africa that serves as a critical passage for ships heading to the Suez Canal [239185]. The Houthis captured Mokha, Dhubab and Perim Island in the strait, moving closer to full control of one of the world's most important oil shipping lanes [239020].

The takeover has raised fears that Iran could gain a major advantage in its conflict with the United States by controlling a second major oil corridor [239020]. Millions of barrels of oil pass through the Bab el-Mandeb Strait every day [239020].

Saudi Arabia shut down a major oil pipeline after drone strikes from Iraq triggered fires, briefly pushing oil prices to $110 a barrel [239970][239087]. The pipeline shutdown and Houthi advances together have raised new risks for Saudi oil exports and international energy supplies [239970].

Oil prices climbed above $100 a barrel as fighting between the United States and Iran intensified [238392]. The increase raises concerns for consumers and businesses worldwide, as higher oil prices push up costs for fuel, shipping and goods [238392].

The fighting has killed more than 500 people in just one week, according to the World Health Organization, raising fears that Yemen could return to full-scale civil war [242081]. Renewed fighting has displaced nearly 94,000 people, according to the International Organization for Migration [242089].

Saudi-led warplanes carried out 52 airstrikes across Yemen in a single day, Houthi officials said [242041]. Saudi airstrikes also hit the rebel-held Mokha airport [238480].

Yemen has asked the United Nations Security Council to condemn Houthi attacks in the Red Sea, saying they threaten international shipping and global trade [242133]. The government also called on the Council to enforce existing arms embargo measures [242133].

Saudi Crown Prince Mohammed bin Salman met with Egyptian President Abdel Fattah al-Sisi in Cairo, where the two leaders called for free and secure navigation in the Red Sea [242064]. Saudi Arabia vowed to respond "firmly" to Houthi attacks [242064].

The effects are being felt far beyond the region. Gas prices in the United States have stayed above $4 for weeks, mortgage rates are moving toward 7 percent, and companies are adding shipping surcharges to cover record diesel costs [242138]. US diesel prices reached a record high of nearly $6.27 a gallon [242069].

Sources

Iran-backed Houthis seize key strait, widening Yemen war #239185Saudi Oil Pipeline Shut Down After Drone Attack from Iraq #239970Iran's New Chokehold? Houthis Seize Key Island, Threaten Oil Route #239020Oil prices break $100 as U.S.-Iran fighting grows #238392Oil spikes to $110 as Saudi Arabia shuts key pipeline after Iraq drone attack #239087Houthis Seize Red Sea Island as Saudi Strikes Hit Yemen Airport #238480Diesel hits $6.27 as Trump blames Kyiv, not Iran #242069Gas prices above $4? How the Iran war changed the global economy #242138Yemen demands UN action as Houthi attacks threaten global trade #242133Saudi Prince Seeks Allies as Houthi Attacks Threaten Red Sea Oil Routes #242064Houthis Seize Key Yemen Port as 500 Die in a Week #242081Yemen crisis deepens: 94,000 forced to flee #24208952 airstrikes hit Yemen in one day, Houthis say #242041

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