How Iran's regional allies' attacks in Yemen are compounding the war's impact on oil prices

TL;DR

Fighting between Iran-backed Houthis and Saudi Arabia, along with other Iranian proxy attacks on Saudi infrastructure, is increasing the threat to tanker traffic.
These actions are impacting global fuel supplies through the Red Sea, in addition to reduced shipping in the Strait of Hormuz.
A drone strike damaged Saudi Arabia's East-West pipeline, a critical alternative export route, potentially taking 4% of the world's oil supply offline.
The attacks have contributed to a spike in Brent crude prices to about $108 per barrel, up from an average of $67 before the war.
The Houthis have targeted Saudi assets in the Red Sea, while Iran's longer-term aim may be to control key shipping straits.
Saudi Arabia's crude oil output has fallen significantly due to these disruptions.

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