Iran war latest: Saudi Arabia intercepts six ballistic missiles launched by Houthis

Riyadh, Saudi Arabia — The United States and Israel's war on Iran, which began on February 28, has led to the partial closure of the Strait of Hormuz, a vital export route for Saudi Arabia. This, coupled with Huthi rebels and other Iranian proxies escalating attacks, is causing significant concern for the global oil supply and US consumers, who are already facing historically high gasoline and diesel prices.

Neil Quilliam, a Chatham House energy policy expert, warns that the deteriorating security situation is not just about immediate oil prices but has structural implications that cannot be reversed. Attacks on the key Saudi East-West pipeline by Iranian-backed Iraqi militias have already resulted in millions of barrels of exports being knocked out from the Red Sea port of Yanbu.