Yemen's Houthi militias push oil above $100 a barrel
Oil prices just shot past $100 a barrel, thanks to Yemen's Houthi militias targeting Saudi oil tankers in the Bab al-Mandab strait, a narrow but crucial route that handles about 5% of the world's crude oil and refined petroleum products.
This strait has become even more important lately, especially after earlier disruptions at the Strait of Hormuz due to U.S.-Iran tensions.
Saudi Arabia rerouting tightens fuel supplies
After warnings and reported attacks from the Houthis, many ships are rerouting or stopping altogether.
Saudi Arabia has shifted most of its oil exports through this risky passage, sending 2.5 million barrels a day via Bab al-Mandab.
With refinery slowdowns and shipping delays, global diesel and gasoline supplies are getting tighter, and experts say we could see fuel prices climb even more if things don't settle down soon.