The timing is what makes the situation particularly fragile. With the Hormuz corridor already under strain, given the escalating tensions between the United States and Iran, fresh tensions between the Houthis and Saudi Arabia would risk turning a regional security concern into a broader global supply vulnerability, as around 12 per cent of total seaborne-traded oil passes through the Bab el-Mandeb Strait. And, it was evident as Brent crude jumped by more than 13 per cent, breaching the $100 a barrel mark, after the Houthis’ announcement. When the Iran war began in February, the oil prices were as low as $71.
