New threats to block the Bab al-Mandeb Strait by Yemen’s Houthi rebels have fueled fears in global energy markets.
Analysts fear that Saudi Arabia’s oil exports could be significantly affected if traffic in this vital waterway is disrupted. This could have an impact on the international oil market, with fuel prices likely to rise further.
Michael Stephens, a senior researcher at the British research institute Royal United Services Institute (RUSI), said that it will not be easy to completely secure the Bab al-Mandeb strait by conducting a military attack.
If the strait could have been opened easily by bombing, Stephens said, the current impasse in the Strait of Hormuz would not exist. Bab al-Mandeb is now even more insecure.
According to analysts, if the blockade announced by the Houthis goes into effect, oil exports from Saudi Arabia’s East-West Pipeline through the port of Yanbu could be effectively shut down. As a result, the supply system of one of the world’s largest oil producers will be severely affected.
In this situation, Western and Asian countries dependent on Saudi oil are expected to be more active in dealing with the situation.
Stephens warned that if Donald Trump wants to see oil prices at $70 a barrel, that is not possible under the current circumstances.
After the US-Israeli and Iran conflict that started in February, many countries used up a significant part of their strategic oil reserves. As a result, analysts fear that the global economy will face greater pressure if a new oil supply crisis occurs.
Times BD/ Talha
