In recent days, the Houthi rebels in Yemen have moved with lightning speed along the Red Sea coast, taking control of the vital port of Mocha and strategic islands in the Red Sea near the Bab el-Mandeb Strait.

This strait is an important chokepoint along the sea route that connects the Mediterranean Sea with the Indian Ocean. With the on-and-off closure of the Strait of Hormuz this year, it has offered a critical alternate route for oil, liquefied natural gas, and other goods leaving or transiting the region.

Saudi Arabia, in particular, has diverted up to 64% of its oil exports via an overland east-west pipeline, transporting oil to its Yanbu Port on the Red Sea and shipping it out through Bab el-Mandeb.

Just days ago, this Saudi pipeline was hit by drones, spiking oil prices and causing damage that is estimated will take weeks to repair. The attacks reportedly came from Iraq, seemingly from an Iranian-backed militant group.

For now, Red Sea shipping appears to be continuing largely unaffected. This latest escalation suggests Iran and its allies are settling in for a long war. Here’s what that could mean for the world.

Another blow to oil markets

The Houthis’ strategic territorial gains come as a second blow to Saudi oil exports. Houthi advances are part of an ongoing civil war in Yemen between the Houthis, backed by........

© The Conversation