Global oil prices jumped to $108 per barrel on Thursday after Yemen’s armed forces reportedly established near-complete control over the Bab al-Mandab Strait, following their reported seizure of strategic Red Sea islands, most notably Mayyun, Greater and Lesser Hanish, and Zugar.
The development threatens one of the world’s most important maritime trade routes.
Diplomatic Contacts
Against this backdrop, Iranian Foreign Minister Abbas Araghchi held separate phone calls with Saudi Foreign Minister Prince Faisal bin Farhan and Pakistani Army Chief Field Marshal Asim Munir to discuss regional developments and diplomatic efforts to reduce escalation.
Previous Attempts to Calm Markets
Araghchi has previously played a role in efforts to ease oil-market pressure. Last April, he announced on X that the Strait of Hormuz would remain fully open to commercial shipping during a ceasefire, triggering a rapid decline in oil prices.
At the time, US West Texas Intermediate (WTI) fell to $81 per barrel, after trading at $93.40 earlier that day, while Brent crude reached $98.05.