The mounting tension in the Red Sea has caused a spike in the cost of crude oil, with prices surging more than 3 percent in response to America's reaction to the recent Houthi attack. Complicating matters, Iran has been selling more oil than ever before, despite facing sanctions from the US administration. There are concerns that this revenue could be used to finance groups like the Houthis in Yemen, as Iran has significant influence in the region.
The situation in the waters surrounding the Arabian Sea and the Red Sea has become increasingly chaotic and lawless. Iranian proxies, such as the Houthis and Hezbollah, are reportedly receiving ample funding through various means. One of these methods involves the smuggling of oil through what experts have labeled as the Dark Fleet or Ghost Armada.
