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Oil prices rise after attacks on Saudi Arabia and Strait
Reports indicate that new attacks carried out by the Houthis on Saudi Arabia and Iranian vessels in the Gulf have contributed to a rise in oil prices of over 3%, amid growing fears of disruption to oil supply sources. A major Saudi oil pipeline has been shut down, with storage in Yanbu estimated to last only between five to seven days, threatening the global oil supplies that rely on 4% to 5% transiting through the Bab el-Mandeb Strait. The region has also experienced military escalation and heightened tensions, with attacks on homes and infrastructure. The Houthis have strengthened their position on the strategic P Commissioner Island of Red, amidst ongoing naval strikes and international protests, and a Gulf Cooperation Council (GCC)-Iranian meeting regarding the Strait of Hormuz has been postponed.
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