US and UK: A coalition led by the United States and the United Kingdom began airstrikes against the Houthi rebels in Yemen as the crisis in oil-rich West Asia worsened. In response to a series of Houthi strikes in the Red Sea that have hampered commercial shipping, the US and UK conducted an airstrike across Yemen, intensifying the conflict. Significantly, the US has frequently warned of the fallout from the conflict between Israel, led by Benjamin Netanyahu, and Hamas rebels in Gaza when Tel Aviv started an incessant bombardment campaign in the heavily populated Gaza Strip.
President Joe Biden stated that the strikes in Yemen against Houthi rebels were intended to show that the US and its allies “will not tolerate” the group’s attacks on the Red Sea. Furthermore, UK Prime Minister Rishi Sunak delivered a statement regarding the airstrikes carried out across Yemen. The air strikes against Houthi rebels were deemed “necessary and proportionate” by the UK Prime Minister. PM Sunak remarked, “Despite consistent international warnings, the Houthis persist in conducting attacks in the Red Sea.” “We have taken measured and justified action in self-defense, in collaboration with the United States, to diminish Houthi military capabilities and safeguard global shipping.”
According to Bloomberg, oil prices have risen as a result of US and UK airstrikes on Houthi rebels. Yemen’s Houthi rebels are said to have been launching strikes on commercial vessels in the Red Sea for weeks, culminating in their largest-ever onslaught of drones and missiles late Tuesday. Maersk, the world’s largest shipping corporation, also suspended operations as a result of the Red Sea attacks.
Early on Friday, retaliation attacks were conducted by US-led forces.
Additionally, on Thursday, the Iranian navy took control of an oil tanker in the Gulf of Oman that, just a few months prior, had its Iranian oil cargo confiscated by the US due to sanctions associated with Tehran’s nuclear program. The ship was originally known as the Suez Rajan, and it was embroiled in a year-long controversy beginning in 2021, during which the US Justice Department took 1 million barrels of Iranian crude oil on board. Since 2019, the United States and its allies have started detaining Iranian oil cargoes in order to implement sanctions related to Iran’s nuclear program. As a result, the Islamic Republic has been blamed for a number of attacks in the Middle East, as well as ship seizures by Iranian military and paramilitary forces, which pose a threat to world trade.
The Houthis have stated that their attacks are intended to alleviate Palestinian suffering during Israel’s war on Hamas in the Gaza Strip. However, the rebels have increasingly targeted ships with ties to Israel that are dubious or non-existent.
Since the beginning of the year, oil has been battered. Although the Middle East’s tensions have helped the price of petroleum, Bloomberg notes that worries about growing non-OPEC supply, Saudi Arabia’s significant price cuts, and growing US stocks have impacted prices.
Ratnavali