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Over the past two weeks, the Houthis in Yemen have captured strategic territory from Saudi-backed pro-government forces close to the Bab al-Mandab Strait, another trade chokepoint at the southern tip of the Red Sea which was the transit point for about 5% of global oil supplies before February.<\/p>\n
About 5% of the global oil supply also normally leaves the Red Sea through the north, via the Suez Canal and a pipeline across Egypt to the Mediterranean.<\/p>\n
The global market oil price is rising over concerns these shipping arteries could, like Hormuz, be even more severely disrupted by Iran and its proxies.<\/p>\n
Before the Houthis recent advances on the south-west coast of Yemen the group declared in July it was enforcing a naval blockade of Saudi ships and ports. It said it will not attack vessels from other countries passing through the Red Sea.<\/p>\n
US President Donald Trump has said “the world’s diesel price rise is mostly caused by the Russia\/Ukraine War, not Iran”.<\/p>\n
Analysts say the conflict – including Ukrainian drone attacks on Russian refineries – has put pressure on diesel prices as Russia is the world’s second largest diesel exporter.<\/p>\n
But most judge the bigger cause of the recent energy price spike has been the expanding regional conflict in the Middle East.<\/p>\n<\/div>\n