Yemen's government forces, supported by Saudi Arabia, announced their recapture of Mokha, a significant port city located near the Bab el-Mandeb Strait, which is crucial for oil transportation. This development follows a series of battles against the Houthis, who have denied losing control of the city.
The recapture of Mokha is seen as a strategic victory for the Saudi-backed government, especially after the Houthis had taken the city in early September, raising concerns about their potential control over vital shipping routes. In response to the escalating conflict, Saudi Arabia, Turkey, and Pakistan have agreed to implement deterrence measures and deploy forces to support Saudi Arabia.
Meanwhile, attacks on two airports in Saudi Arabia have raised security concerns, although the damage was limited. The ongoing conflict and uncertainty in the region have contributed to fluctuations in oil prices, with Brent crude trading at $100.12 per barrel and West Texas Intermediate at $88.63.
Energy strategists note that while oil flows from the Persian Gulf are showing signs of recovery, market participants remain anxious about potential supply disruptions, particularly as tensions between the U.S. and Iran continue to influence the situation