Houthi rebels take control of the Yemeni port city of Mokha, causing global oil prices to rise.

The Houthi takeover of the port city occurred just days after the group fired missiles and drones at four regions of southwestern Saudi Arabia, which the Houthis stated was a response to Saudi airstrikes on Yemen. Saudi Arabia reported that the Houthi attacks struck oil facilities, causing fires that halted operations on Tuesday. More than 70 people were wounded in these attacks. The fighting for control of Mokha and other areas of Yemen's western coast has displaced at least 18,500 people, according to the United Nations' International Organization of Migration. The conflict in Yemen coincided with an exchange of fire in the Persian Gulf between the United States and Iran. These combined conflicts on both sides of the Arabian Peninsula raised the risk of global energy price hikes. As a result, the price of Brent crude rose to nearly $110 a barrel. Saudi Arabia is currently re-routing crude oil through a longer and costlier route through the Suez Canal to reach buyers in Asia to bypass the Houthi attacks.