Saudi Arabia announced that it intercepted a Houthi drone aimed at Mecca, a significant escalation in the ongoing conflict with the Iran-backed militia. This incident marks the first time fighting has reached the holy city, prompting a security alert and condemnation from the Organization of Islamic Cooperation.
The Houthi group denied the claims, calling them a 'worn-out lie.' The situation is critical as Mecca is central to the Islamic faith and the annual Hajj pilgrimage. The conflict has intensified following a blockade declared by the Houthis on Saudi shipping and their recent missile attacks on Saudi territory.
This escalation has raised concerns over oil supply, particularly after a pro-Iranian militia attack on a key Saudi pipeline, which has already contributed to rising crude prices. Brent crude and U.S. West Texas Intermediate futures are near four-month highs, reflecting the market's reaction to the heightened risks in the region.
The ongoing instability in Yemen and the broader U.S.-Iran tensions are likely to keep oil markets on edge, as shipping routes remain constrained and the potential for further conflict looms