Houthi rebels captured a key Red Sea port on Thursday from Yemen’s Saudi Arabia-backed government, strengthening the Iranian proxy’s hold on one of the region’s two critical waterways.
Reuters reported that the sweeping offensive was powered by arms and advice from Tehran. It puts the militia one step closer to controlling “arguably Yemen’s most strategically valuable real estate” near the Bab el-Mandeb Strait, an expert told The New York Times.
A drawn-out Middle East conflict could permanently damage oil demand, Semafor’s energy editor argued, as alternative energy sources proliferate; oil prices hit $108 a barrel Thursday for the first time since May.