Gate News reports that on March 28, energy analysts warned that if the Houthi movement in Yemen resumes attacks on Red Sea shipping, the oil market could face even greater turmoil. Renewed attacks could cut a significant amount of oil from global supply and drive up oil prices.
Saudi Arabia has been shifting as much crude oil as possible from the Persian Gulf to its Red Sea port of Yanbu, with cargo primarily headed to Asia. While this has not fully offset the volume of oil that cannot pass through the Strait of Hormuz, it has helped limit the rise in global oil prices. Analysts state that if Houthi attacks make it too dangerous for tankers to approach Yanbu, up to several million barrels of crude oil could be stranded in the Middle East each day. At that point, Saudi Arabia may be forced to cut production along with Kuwait and Iraq.
Additionally, the probability of “Israel launching strikes on Yemen before March 31, 2026” has significantly increased on Polymarket.
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