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Oil price hike fears as Houthi rebels strike vital Saudi Arabian pipeline in the Gulf

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  • Oil price hike fears as Houthi rebels strike vital Saudi Arabian pipeline in the Gulf

The threat of oil price rises is looming after drone strikes forced Saudi Arabia to close its critical Petroline pipeline.

The move follows a lightning advance by Iranian-backed Houthi fighters who seized Yemen’s entire Red Sea coast.

They now hold three key islands, and the apparently co-ordinated attacks have inflicted a major blow to Saudi Arabia, the world’s largest crude oil exporter.

Read more: Oil price hike fears as Houthi rebels strike vital Saudi Arabian pipeline in the Gulf

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