The Economic Times

Gulf oil threatened anew as Houthis reach key island and pipeline is shut down

The Houthis have seized control of Perim island, significantly affecting a crucial shipping corridor. Additionally, a drone strike originating from Iraq temporarily disrupted Saudi Arabia's oil pipeline, intensifying the strain on Gulf oil exports during a period of stalled diplomatic negotiations. In response to this rising threat, Saudi Arabia has sought military support from Washington. The intensifying conflict is alarming global markets regarding energy supplies and pricing.