Escalating Tensions in the Middle East and Threats to Energy Routes
Tensions in the Middle East have increased as the Houthis in Yemen captured strategic points and oil prices rose.
Within the scope of recent developments in the Middle East, the increased control by Iran-backed Houthis in Yemen near the strategic Bab el-Mandeb Strait has triggered concerns over regional energy routes and a rise in oil prices.
Bab el-Mandeb Strait and Port Developments
The Iran-backed Houthis in Yemen continue their strategic moves around the Bab el-Mandeb Strait, a critical shipping route connecting the Red Sea to the Gulf of Aden. The group has taken control of the port city of Mocha and the Hanish Islands.
The Houthis reported that Saudi Arabia launched 64 airstrikes over the past 24 hours targeting areas under their control.
Increase in Oil Prices
The escalating attacks and conflicts in the region were felt directly in international markets. The price of a barrel of Brent crude saw a 4 percent increase, reaching $105.
Israel's Operations in Lebanon
Continuing its activity in southern Lebanon, the Israeli army announced that underground infrastructure belonging to the Iran-backed Hezbollah group had been destroyed.
The tunnel system beneath Ali Tahir Ridge was cleared of Hezbollah elements and then destroyed, establishing operational control both underground and above ground in the region.
Bank Sepah Decision in Germany
The German branch of the Iranian state bank Bank Sepah, which was deprived of European payment systems by European Union sanctions, has been declared bankrupt by the German financial regulatory authority BaFin.