Yemen launches Saudi-backed counterattack against Houthis
The escalation added fresh risks to oil markets as Iran reiterated that the Strait of Hormuz remains closed.
Yemen's Saudi-backed government forces have initiated a significant military operation aimed at countering the Iran-aligned Houthi rebels, which could pose additional challenges to oil markets. Iran has confirmed that the Strait of Hormuz remains closed, adding further strain to an already volatile situation. Global oil inventories have plummeted due to export disruptions, and OPEC+ producers are currently pumping well below pre-war levels.
Despite this, global crude prices remain near $100 a barrel, with analysts noting that an increase in supply volume does not equate to the full normalization of the supply system. OPEC+ recently decided to maintain November production targets steady, seeking to stabilize the market amid these complex dynamics.
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