Houthis seize strategic Red Sea islands as analysts warn of impending oil crunch
The militant group in Yemen captured the islands of Greater and Lesser Hanish, near the chokepoint of the Bab al-Mandab strait
TL;DR
- Houthi militants have seized the Greater and Lesser Hanish islands in the Red Sea.
- This seizure enhances their control over the Bab al-Mandab strait, a critical shipping chokepoint.
- The advance has led to the displacement of nearly 94,000 people in Yemen.
- Attacks on Saudi Arabia's east-west oil pipeline have further disrupted global supply chains.
- Oil prices have risen, with Brent crude at $106.92 a barrel and US diesel prices hitting $6 per gallon.
- Experts suggest that existing oil stock buffers have been depleted, making the market more vulnerable to supply shocks.