Global oil prices continued to surge after Yemen’s Houthi rebels entered the war, launching attacks on Israeli targets. The Iran-allied militants had previously attacked commercial ships passing through Bab el-Mandep, a maritime chokepoint between the Red Sea and the Gulf of Aden, during Israel’s war with Hamas. The weekend events stoked fears of wider disruption to the global energy and goods trade as the strait is crucial for shipping between Europe and Asia via the Suez Canal.
