Yemen war clouds raise dangers for top oil shipping route
Conflict in Yemen risks spilling out into the busy sea lanes that pass it and potentially disrupt the narrow Bab el-Mandeb passage through which nearly 4 million barrels of oil are shipped daily to Europe, the United States and Asia. Oil prices rose as much as 6 percent on Thursday after neighboring Saudi Arabia and its allies launched air strikes on Yemen that targeted Iran-backed Houthi rebels fighting to oust Yemen's president. [O/R] The development is a gamble by the world's top oil exporter to check Iranian influence in its backyard. ...
Click
To Read Full Article