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Gulf cancels Iran meeting amid Houthis attack
Gulf countries canceled a scheduled meeting with Iran, while the Yemen-based Houthi militia launched an attack on Saudi Arabia using missiles and drones, targeting an airbase in Khamis Mushait. The attacks came in response to Saudi airstrikes on Yemen and threatened global oil supplies, especially after the Saudi oil pipeline passing through the Red Sea was halted due to damage caused by Houthi attacks. This led to a rise in oil prices by over 3%, with a risk of a 4% disruption in global supplies if the pipeline is not quickly restored. A Gulf-Iranian meeting to discuss opening the Strait of Hormuz was also scheduled but has been postponed at Saudi Arabia's request amidst escalating tensions in the region.
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