Saudi Arabia has launched airstrikes against Iran's proxy terror group in Yemen, a development that has propelled oil prices upward and marked a significant escalation in the ongoing conflict.
The strikes reportedly targeted Sanaa International Airport in Yemen, with Iran-backed Houthi rebels declaring an "end to the de-escalation phase." The group's spokesman warned that the "aggression will not go unanswered or unpunished."
The attack occurred as an Iranian aircraft was reportedly attempting to land at the airport. Evacuation orders have been issued for the airport and surrounding areas. A Saudi-led military alliance has been engaged in conflict with the Houthi rebels for a decade.
Iran's foreign ministry stated that the fallout from these actions has reached the negotiating table, claiming that a memorandum of understanding involving former President Donald Trump has entered a "crisis phase."
Oil prices increased by over three percent on Monday morning following the renewed military strikes between the US and Iran. Tensions have been escalating regarding control of the Strait of Hormuz, a critical chokepoint for global oil transport. During a television interview, Trump stated, "We're taking over the strait."
The Strait of Hormuz, through which approximately one-fifth of the world's oil passes, has been a focal point of the conflict since its inception in February, with market volatility increasing with each escalation.