What happened
The Yemeni government has successfully retaken territory around the Bab al-Mandab from Houthi forces, according to reports from the government-affiliated Saba news agency. This development comes as part of a larger effort to push back against Houthi gains in the region.
Forces loyal to the internationally recognized government of Yemen, with air support from Saudi Arabia, are preparing for a new assault to retake the Houthi-occupied capital, Sanaa. Meanwhile, the Houthis are making advances on the city of Taiz.
Despite some improvements in oil flows through the Hormuz and gains along the Red Sea shipping lane, energy markets remain under pressure. The CEO of Saudi Aramco, Amin Nasser, noted that the war has resulted in the loss of 3 billion barrels of oil from markets, leaving world reserves "scarily thin". Iran's continued targeting of ships transiting the strait is also contributing to elevated energy prices, with Brent crude opening at $103 per barrel.
The foreign ministries of Pakistan, Turkey, and Saudi Arabia have reaffirmed their commitment to collective defense measures under the Mecca Pact, in a statement released on Monday. This development comes amid ongoing tensions in the region.
