A new front is opening in the Iran war. Oil faces ‘no way out’

The Houthis' blockade of the Bab al-Mandeb strait is causing significant disruptions in the global oil market, adding another layer of complexity to the ongoing tensions between Iran and its adversaries. With Iran’s proxies threatening to extend their blockade to the Strait of Hormuz, which is already seeing reduced tanker traffic, the oil market is facing unprecedented challenges. This situation is particularly dire as it threatens to further destabilize an already volatile energy sector, potentially leading to higher oil prices and economic repercussions worldwide.