Oil prices surged as Iran-backed Houthis seized control of Yemen’s port city of Mokha on Thursday – an area vital to controlling shipping through the Red Sea.
Brent crude prices jumped as much as 4 per cent on Thursday above $105 a barrel amid concerns about disruptions to supply routes, and the US national average price of diesel surpassed $6 a gallon for the first time, according to price tracker GasBuddy.
Yemeni government military sources said the rebel group had gained further leverage over the Bab el-Mandeb Strait, the southern outlet of the Red Sea and one of the world’s most important shipping
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