The recent air strikes in Yemen by the United States and the United Kingdom, targeting the Houthi rebels, have led to a significant rise in oil prices and sparked fears of an escalation in regional conflict. The Houthis have responded by vowing retaliation, particularly against Israeli-bound ships in the Red Sea.
The air strikes, which occurred on Thursday, were a response to the Houthis’ attacks on international shipping in the Red Sea since late last year. These strikes have elicited varied reactions from nations worldwide, including European, Asian, and Middle Eastern countries.
The U.S. and its allies defended their actions in a joint statement, citing the ”inherent right of individual and collective self-defence.” The Houthis, who have controlled much of Yemen for over a decade, condemned the strikes, promising punishment and continuing their Red Sea operations.
The strikes have also been criticized internationally. Russia’s Foreign Ministry spokeswoman, Maria Zakharova, described them as disregarding international law, escalating the regional situation. Iran’s Foreign Ministry spokesman, Nasser Kannani, echoed these sentiments, labelling the attacks a violation of Yemen’s sovereignty and a contributor to regional instability.
Lebanon’s Hezbollah group criticized the U.S. for its involvement, accusing it of partnering in regional tragedies. Meanwhile, China and Saudi Arabia have called for restraint and avoidance of further escalation.
The Houthi attacks have significantly impacted international trade, disrupting shipping routes through the Red Sea, a vital passage linking Europe, Asia, and Africa. As a result, some ships have been rerouted around southern Africa, increasing costs and delivery times. This disruption has contributed to global inflation fears, as the Red Sea route accounts for about 15% of world shipping traffic.
The oil market has reacted sharply to these developments
Brent crude oil prices surged by $2, raising concerns about a new spike in inflation and its potential effects on central bank policies and the global economy.
These strikes represent the first U.S. military action in Yemeni territory since 2016 and mark a significant escalation in the Red Sea crisis. According to Niu Xinchun, a professor at Ningxia University’s China-Arab Research Institute, neither the U.S. nor the Houthis anticipated the situation’s current severity, and the likelihood of further escalation remains high.
In response to these events, the United Nations Security Council is set to hold an urgent meeting to discuss the implications of the U.S. and UK strikes on Yemen and their broader regional impact.