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

The escalating conflict involving Iran's proxies in Yemen has taken a significant turn with the Houthis blocking the Bab al-Mandeb strait, a critical passage for global oil shipments. This blockade comes at a time when tanker traffic through the Strait of Hormuz is already suffering disruptions, creating a dire situation for oil markets. The potential threat of further obstructions adds to the already heightened tensions in the region, raising concerns about global energy supplies and prices. This development underscores the complex geopolitical dynamics at play and their direct impact on global economic stability.