00:00A lightning offensive by Houthi rebels has led to the seizure and control of key ports in Yemen,
00:05expanding Iran's control over two of the most important routes in the Middle East,
00:09and threatening global fuel supplies. Ever since Iran effectively shut down the Strait of Hormuz,
00:15Saudi Arabia, one of the world's largest exporters of crude, had redirected the bulk
00:20of its shipments through the Bab al-Mandab Strait, where about $1 trillion worth of
00:24goods pass through each year. But on Friday, September 11th, the Iran-backed rebel group
00:30unleashed thousands of fighters to the port city of Mocha, to cement their control of the choke point.
00:35The closure of the Strait would force oil and commercial tankers to divert north through Egypt's
00:40Suez Canal, which would mean circumnavigating Africa, adding weeks to a ship's journey.
00:46To make matters worse for the Saudis, that same day, a drone attack which Riyadh blamed on Iran-backed
00:51fighters in Iraq, caused Saudi Arabia to shut down its east-west pipeline, another main route
00:57for Middle East oil, bypassing the blockaded Strait of Hormuz. Renewed Houthi attacks over
01:02the summer had already caused a plunge in Saudi oil exports to Asia, from around 3.4 million
01:08barrels a day in June to around 128,000 in August. President Trump confirmed to reporters that the
01:15Saudi de facto leader, Crown Prince Mohammed bin Salman, had called him about the recent attacks.
01:21Multiple reports have claimed that MBS asked Trump for US military support against the Houthis,
01:26but that his request was denied. The president reportedly told MBS that the US would do everything
01:32it can to help, with the exception of firing attacks. Trump's alleged rebuff comes as he and
01:37the Republican Party enter a whirlwind midterm election push, an event that he cited for influencing
01:43how the US has conducted itself in the conflict.
01:45Even the neoconservatives are saying, if you're going to go in, go in full. Just go in and take
01:51them out.
01:51Well, maybe I don't do that because of the election.
01:54Following the attacks, Trump has said he's been in contact with the Iran-backed group,
01:58and that they had asked the US not to attack them. The Houthis, however, deny this.
02:03Oman had been due to host a meeting on Monday, September 14, with Iran and Gulf states to discuss
02:09negotiations aimed at reopening Hormuz, the world's most important oil shipping lane,
02:14largely closed since the US and Israel attacked Iran at the end of February.
02:18But Oman's foreign minister announced overnight that the meeting had been postponed in the
02:22interests of consensus. Iran claims the postponement was at the request of Saudi Arabia.
02:27Following the attack on the east-west pipeline, the price for Brent crude
02:31international benchmark soared to more than $109 per barrel on Monday, with even the US benchmark
02:37hitting $105 a barrel. Oil traders say that if the pipeline remains shut, it could cut off as much
02:43as 4% of global oil supply. Riyadh has not given a firm estimate for how long it will be
02:49shut.
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