Houthis seize Bab al-Mandeb Strait and disrupt Saudi oil pipeline, raising crude prices

Iran-backed Houthi fighters captured key positions in Yemen's Bab al-Mandeb Strait over the weekend and are accused of orchestrating an attack on Saudi Arabia's East-West oil pipeline, which authorities say has been shut for several weeks. The disruptions have contributed to a rise in benchmark crude prices, which climbed to about $108 a barrel on Tuesday.

The Bab al-Mandeb waterway, a major export route for Saudi oil after the closure of the Strait of Hormuz, was previously monitored by UAE-backed anti-Houthi forces that controlled Perim Island. A dispute in December led to Saudi airstrikes on weapons shipments destined for those groups, prompting the United Arab Emirates to withdraw its forces and fragment the anti-Houthi coalition, according to a report.

Saudi officials have faced criticism for a perceived slow response to the Houthi advance, and the kingdom has reportedly declined a request from Yemen for air-strike assistance. Crown Prince Mohammed bin Salman reportedly discussed the situation with the United States, but the U.S. president indicated limited options for further military action.

Exports from Saudi Arabia's main Red Sea port have fallen sharply, dropping to roughly 2.5 million barrels per day last month, nearly half of previous levels, which could further affect the kingdom's crude supply.

"The situation in the Bab al-Mandeb Strait is a serious concern for regional security and global energy markets," a Saudi spokesperson said.