The Houthi Threat To Oil Markets Is Back

The oil markets certainly remember September 14, 2019, when Yemen’s Iran-backed Houthis launched a drone attack on Aramco oil facilities in Eastern Saudi Arabia, cutting Saudi oil production in half - or taking some 5% of global supply off the market. The attack destabilized global financial markets, even if only briefly.  Now we see the specter of a Houthi threat to Saudi oil re-emerge with the failure to renew a ceasefire in Yemen last week. The truce expired on October 2nd after having been extended twice in the past. Already, violence…