What Yemen Really Means to the U.S.-Iran War
Oil Prices Head for Weekly Loss as Saudi Export Fears Ease Yemen's Houthis aren't fighting Iran's war, which complicates things further.
They're running their own war and letting Iran's war pay for it.
Their September 8 demands are the same ones they've held sincerejecting a 2023 UN roadmapthat would have paid Houthi salaries and given them a share of Yemen's oil and gas revenue.
That roadmap called for an end to Saudi military operations in Yemen, the removal of restrictions on Houthi-controlled ports and airports, back pay for officials, and war reparations.The one operation Iran is confirmed to be directing is theoffensive against Mocha and the Hanish Islands, providing arms and guidance, and overseen by IRGC Quds Force commander Abdolreza Shahlai, gives the Houthis what they have wanted forever: control of the coast.
The relationship between Iran and the Houthis is such thatthe Houthis alone will determinehow involved they will be in assisting Iran with its own objectives.
Last weekend,US officials met Houthi representativesat the American embassy in Muscat, arranged by Oman, days after the group seized Yemen's Red Sea coastline.
The Houthi delegation reportedly told American officials they don't intend to attack US vessels and remain committed to the ceasefire deal reached with Washington in May 2025.
There were also reports that the Houthis pledged not to target Israeli or other commercial ships,sparing everyone except Saudi vessels(even though all of this was originally tied to Gaza).
In other words, the Houthis are telling Washington, in writing, that everyone gets a pass except Saudi Arabia.
This is a bilateral war with Riyadh that the Houthis are actively insulating from becoming anything broader.
Because of that, we might be tempted to think that there is a clean way out of at least the Red Sea blockade in the form of concessions to the Houthis.
However, we see some high-level challenges here, as well.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment