Saudi Arabia intercepts Houthi missiles as oil prices surge
Allies pledge support for Saudi Arabia after attacks on Red Sea oil facilities.
Allies pledge support for Saudi Arabia after attacks on Red Sea oil facilities.
KEY TAKEAWAYS- Saudi Arabia intercepted six ballistic missiles fired by Yemen’s Iran-backed Houthis on Friday, according to the Saudi-led coalition.
- Saudi Arabia’s allies are rallying to support the country as the Houthi attacks mount.
- The conflict is taking a toll on the global economy, according to Yemen’s Vice President Abdullah Abdulkader al-Alimi-Bawzer.
- [theguardian.
Escalating conflict disrupts energy markets
Saudi Arabia intercepted six ballistic missiles fired by Yemen’s Iran-backed Houthis on Friday, according to the Saudi-led coalition. The attacks targeted the western city of Taif and the strategic Red Sea port of Yanbu, a critical hub for oil exports. The strikes have disrupted oil flows and pushed global oil prices to a one-week high.
The Houthis seized the Yemeni western coast in a lightning offensive nearly two weeks ago, bringing them to the shores of the Bab el-Mandeb waterway. This control allows them to threaten the flow of energy through one of the world’s busiest shipping lanes, which usually carries about 12 percent of global oil trade.
Allies pledge military support
Saudi Arabia’s allies are rallying to support the country as the Houthi attacks mount. France confirmed it will send troops, radars, and defense systems to Yanbu to protect the major oil terminal, which hosts significant storage and refining facilities.
Saudi officials are meeting with peers from Pakistan and Turkiye to discuss options under their mutual defense pact. The Mecca Joint Defence Agreement treats an attack on one member as an attack on all, though the pact has not yet been officially triggered.
Global economic risks rise
The conflict is taking a toll on the global economy, according to Yemen’s Vice President Abdullah Abdulkader al-Alimi-Bawzer. He warned at the United Nations that the Houthis are using shipping security as a tool for blackmail.
Oil prices climbed about 3% on Thursday, briefly topping $108 a barrel, before easing to $105.77 on Friday morning. Analysts suggest oil will likely stay above $100 a barrel as long as the war on Iran continues and supply disruptions persist.
Sources and context
theguardian.com — Saudi Arabia intercepts wave of Houthi missiles as oil climbs to one-week high
aljazeera.com — Saudi Arabia allies line up support as Houthi attacks mount
