Yemeni Houthi rebels reportedly captured towns along the Red Sea coast, including the strategic Perim Island|Archer90|CC BY-SA 3.0
Yemeni Houthi rebels reportedly captured towns along the Red Sea coast, including the strategic Perim Island in the Bab el-Mandeb Strait, tightening their grip on one of the world’s key oil chokepoints.
The waterway links the Red Sea to the ocean and is a key route for Saudi oil exports. The route has gained significance as Iran restricts traffic in the Strait of Hormuz.
The offensive by the Iran-backed rebels has displaced nearly 50,000 people as the region becomes an active frontline, with food supplies rapidly dwindling.
The latest development allows Tehran control over two vital oil corridors: the Bab el-Mandeb Strait and the Strait of Hormuz.
Control of the 20-mile-wide strait gives the Houthis a stronger hand to disrupt Saudi oil shipments, which had already fallen by a third in August from July amid ongoing Houthi attacks.
As a precautionary measure, Saudi Arabia shut down its major East-West oil pipeline on Friday, after a drone attack the previous day.
Oil prices are above $100 a barrel for the first time since May. The Houthis’ capture of Perim could drive prices even higher.
According to experts, disruptions to oil flows could strengthen Iran’s negotiating position with the US.