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France 24
France 24
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François PICARD

First Hormuz, now the Red Sea? Oil spikes as Saudis sucked into Yemen spiral

Cover image: Egyptian President Abdel Fattah al-Sisi meets Saudi Crown Prince Mohammed bin Salman in Cairo, Egypt, September 15, 2026. © Bandar Algaloud/Courtesy of Saud, REUTERS

First, there was US President Donald Trump’s surprise decision to strike Iran. Then, came the quagmire of a war without an exit strategy. Now, six months later, with access to the Strait of Hormuz all but shut, global shipping has taken another hit the other end of the Arabian Peninsula. Iran-backed Houthis are threatening access to the Red Sea.

Whereas Washington jumped at Israel’s request to take out Iran’s Supreme Leader in February, he is reluctant to go all in for his other ally in the region. In this edition FRANCE 24’s François Picard asks: why the sudden escalation between the Saudis and the Houthis, what to make of an Iraqi Shia militia hitting the kingdom’s main East-West pipeline and what who can ease our newfound energy insecurity and a Gulf region.

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