Fears are growing of a new global oil supply crisis after Yemen’s Houthi rebels seized the strategic islands of Greater and Lesser Hanish in the southern Red Sea, following an attack on a Saudi pipeline.
On Tuesday morning, Brent crude rose 1.17 per cent to $106.92 a barrel, while the average US diesel price surpassed $6 a gallon for the first time last week as the war, compounded by Ukrainian strikes on Russian refineries, further squeezed global supplies.
The Iran war has forced Saudi Arabia to shift its exports away from the Persian Gulf, since Iranian attacks have stifled shipping through the gulf’s sole
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