How Escalating Attacks in Yemen Impact Global Oil Trade
Intensified fighting around the Red Sea could disrupt another maritime chokepoint and further elevate oil prices, possibly for months.
Escalating attacks in the Red Sea have pushed oil prices above $100 a barrel, as Yemeni government forces backed by Saudi Arabia launch attacks against Iran-backed Houthis. These strikes are a response to the rebels' capture of key positions near the Bab el-Mandeb Strait, which threatens shipping routes. Yemeni forces have attacked the Houthi-held port city of Mokha and Perim Island, while the Houthis have launched missiles at Saudi Arabia and attacked the kingdom's oil infrastructure.
The escalation has reignited fighting in Yemen's civil war, which has killed 150,000 people and created a major humanitarian crisis. The attacks have also put pressure on the U.S. as Iran threatens another maritime chokepoint. Diplomatic efforts to end the U.S.-Iran conflict have stalled, and the attacks have reignited major fighting in Yemen.
The U.N.'s migration agency reported that over 82,000 people have been displaced since early September.
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