How Escalating Attacks in Yemen Impact Global Oil Trade

On Sunday, Yemeni government forces, which are backed by Saudi Arabia, launched attacks against the Iran-backed Houthis along the Red Sea. The strikes were part of an effort to dislodge the Houthis after the rebel group captured the port city of Mokha and Perim Island at the mouth of the Red Sea, key positions that give the group a vantage point to threaten shipping through the Bab el-Mandeb Strait.The Houthis also launched missiles at several areas in Saudi Arabia, and in recent weeks attacked the kingdom’s oil infrastructure and shipping. The group declared a blockade on Saudi vessels in July, but said other countries’ commercial shipping can continue through the narrow Bab el-Mandeb.The attacks come as diplomatic efforts to end the nearly seven-month-long U.S. and Israeli war with Iran have dropped off. An anticipated diplomatic meeting between Gulf countries and Iran was postponed, Omani Foreign Minister Badr Albusaidi announced on Sunday. The meeting, meant to take place in Oman on Monday, would have been the first talk between Iran and Gulf Cooperation Council countries to discuss the Strait of Hormuz since a mid-June memorandum of understanding between the U.S. and Iran coll...