The Houthis have launched new attacks by firing missiles and drones at a military base in Khamis Mushait, Saudi Arabia. These attacks have been described as retaliation for Saudi airstrikes on Yemen. Recent developments in Yemen and Houthi attacks on Saudi Arabia have postponed the anticipated negotiations in Oman.
Suspension of Negotiations Due to Escalating Tensions
Oman was set to host a meeting next Friday with the participation of Iran and Gulf countries, but Oman's Foreign Minister, Sayyid Badr Albusaidi, announced that the meeting has been postponed due to the need for consensus. Iran also stated that this request was made at the behest of Saudi Arabia.
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The Houthi attacks have included the firing of dozens of missiles and drones at Saudi military bases, military infrastructure, and vital facilities. These attacks have fueled concerns about global energy supply and increased oil prices.
Economic Consequences and Global Oil Supply
The price of crude oil in global markets rose by more than 4 percent following the onset of these attacks, reaching over $109 per barrel. Analysts believe that if Saudi Arabia's East-West pipeline remains closed for several days, it could impact up to 4 percent of global oil supply.
Satellite images show that parts of this pipeline have been damaged due to fires, and Saudi Arabia has yet to provide an estimate for the duration of its closure. Meanwhile, the United States has also noted an increase in the number of ships secretly passing through the Strait of Hormuz.
These developments come as the International Organization for Migration estimates that over 82,000 Yemenis have fled due to the ongoing conflict since the beginning of this month. This conflict has severely impacted the humanitarian situation in Yemen and exacerbated the humanitarian crisis.
Overall, these developments not only affect relations between Gulf countries and Iran but could also seriously impact the global oil market and its prices.
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