Houthis advance along Yemeni coast, threaten Saudi oil exports in the Red Sea
Summary
Houthis seized Yemen’s port city of Mocha and pushed along the Red Sea coast, raising fears over the Bab el-Mandeb Strait and Saudi oil exports. The escalation sent Brent crude up as much as 4% and deepened concerns over wider US-Iran tensions.
Key Points
- Houthis seized control of Yemen’s port city of Mocha and advanced toward strategic islands along the Red Sea coast.
- The advance increased concern over the Bab el-Mandeb Strait, a critical shipping route that could affect Saudi oil exports and global supplies.
- Brent crude jumped as much as 4% amid fears of disruption, while US diesel prices rose above $6 a gallon for the first time.
- The US imposed new sanctions on firms and individuals aiding Iranian proxies as tensions between the US and Iran escalated.
