Middle East Tensions Rise Amid Saudi Pipeline Closure and Red Sea Shipping Threats

A drone strike has halted Saudi Arabia's East-West Pipeline for weeks, potentially impacting 5% of global oil supply. Concurrently, Houthi forces reportedly control Yemen's Red Sea coast and Perim Island, threatening the Bab el-Mandeb strait, a crucial shipping lane. These developments, alongside postponed diplomacy, are driving up supertanker rates and Brent crude prices.