Houthi control of Red Sea's Bab el-Mandeb Strait threatens ~9% of global crude oil flows, pushing Brent crude toward $110/barrel.
Macro & Markets ·
Houthi forces control Yemen's Red Sea coast and the Bab el-Mandeb Strait, a passage that previously handled over 9 million barrels of daily crude oil flows representing approximately 9 percent of global demand. Brent crude prices have extended gains toward $110 per barrel amid concerns over potential disruption to oil flows through the strait.