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How global trade and oil prices could be hit by Houthi advance

Yemen's Houthis have seized territory near the Bab al-Mandab Strait - a key trade gateway for oil and global shipping.

· 703 words· updated September 11, 2026 at 12:13 PM

Fighters from the Iran-backed Houthi group have seized territory close to the Bab al-Mandab Strait in the Red Sea - a key trade gateway that links Asia and Europe.

Houthis have said they pose no threat to international shipping but have reiterated their intention to target vessels from Saudi Arabia.

Saudi Arabia has increasingly relied on the Red Sea for oil exports since the US and Israel's war effectively closed the Strait of Hormuz.

At least 46,000 people have been displaced in Yemen since fighting escalated last week, according to the United Nations.

Produced by Aisha Sembhi. Graphics by Mark Edwards.

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Monday, October 19, 2026

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