Oil Hits Six-Week High as Iran-Backed Houthis Turn Back Saudi Oil Shipments

International and U.S. benchmark oil surged by over four percent on Wednesday amid renewed fears of supply disruptions, as Iran’s terrorist proxies in Yemen began implementing their “maritime ban” against Saudi Arabian oil tankers in the Red Sea, turning several ships away with threats of force.

The Houthis, an Islamist insurgency backed by Iran that has been waging a civil war in Yemen since 2014, announced a “ban” against Saudi ships on Monday.

The Saudis intervened against the Houthis in the Yemeni civil war from 2015 to 2022. An uneasy and informal ceasefire was observed until this month, when the Houthis began attempting to conquer…

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