How global trade and oil prices could be hit by Houthi advance
Houthi fighters have seized territory near the Bab al-Mandab Strait, a critical maritime chokepoint for global trade and oil shipments. The escalation has displaced thousands and raised concerns about the security of Saudi oil exports in the Red Sea region.
Why it matters
Disruption to this vital shipping lane could lead to significant spikes in global oil prices and supply chain bottlenecks.
How global trade and oil prices could be hit by Houthi advance Close Fighters from the Iran-backed Houthi group have seized territory close to the Bab al-Mandab Strait in the Red Sea - a key trade gateway that links Asia and Europe.
Houthis have said they pose no threat to international shipping but have reiterated their intention to target vessels from Saudi Arabia.
Saudi Arabia has increasingly relied on the Red Sea for oil exports since the US and Israel's war effectively closed the Strait of Hormuz.
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