The global energy chain faces another potential threat amid tensions in the Middle East. Iran has reportedly asked Yemen's Houthi rebels to be ready to close the Red Sea oil shipping corridor if the United States attacks Iranian energy infrastructure.
According to sources cited by Reuters, the idea has been discussed within the Iranian leadership and the message has been conveyed to the Houthis by close allies of Tehran. Two senior Iranian sources and a regional source with knowledge of the matter said the request was communicated recently, but without giving details on how it was conveyed.
A source close to the Houthis said the group had completed preparations for attacks on ships, deploying missiles and drones near the Bab el-Mandab Strait, the strategic entrance to the Red Sea, in mountainous areas overlooking Hodeidah and the Gulf of Aden. He said the group was awaiting orders to launch operations.
A disruption of maritime traffic in the Red Sea would have major consequences for global energy markets, especially if combined with the blockage of the Strait of Hormuz, another key route for oil exports from the Middle East.
Experts warn that closing both corridors would create a new crisis in global supplies, restricting oil transportation, increasing insurance costs and putting pressure on prices.
A regional source said that representatives of Iran's Islamic Revolutionary Guard Corps, who are already in Yemen, may have a role in deciding to activate operations in Bab el-Mandab.
Tensions in the region have risen further after the Houthis launched missile attacks on Saudi Arabia, claiming they were responding to an attack on an airport under their control. The development has raised concerns about renewed clashes between the Yemeni group and Riyadh.
Middle East analyst at risk analysis firm Verisk Maplecroft, Torbjorn Soltvedt, said any escalation affecting energy infrastructure and shipping in the Red Sea would pose a serious threat to oil exports from the region.
Oil prices react to tensions
Following reports of the escalation of the situation, oil prices rose. Brent crude rose by more than 1%, reaching around $85.88 per barrel, while US WTI crude rose to around $80.49 per barrel.
Financial market experts estimate that a simultaneous crisis in the Strait of Hormuz and Bab el-Mandab would significantly strain the global energy supply chain and increase maritime transport costs.
The Red Sea is one of the most important corridors of global trade, while the Bab el-Mandab Strait connects the Indian Ocean to the Suez Canal, making it a strategic point for the transport of oil and goods.
