(Mohammed Hamoud / Anadolu)

The Houthis enter the war in Iran, oil prices surge to $116

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@fyinews team

30/03/2026

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  1. The Houthis (Yemen) struck Israel for the first time in this war, while experts warn of possible attacks on ships in the Red Sea, which would mean the “closure” of another major oil transit route.
  2. Donald Trump has threatened to “obliterate” Iran’s power plants and oil fields if an agreement is not reached “soon,” while he also appears to be preparing a ground invasion, sending more than 6,500 troops to the region.
  3. As a result, the price of oil surpassed $116 per barrel today, marking the largest monthly increase (+59%) since 1990.

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The Houthis have actively entered the U.S. war against Iran, launching their first attack on Israel since the conflict began a month ago. The Israeli military announced that it intercepted a missile from Yemen, while the Houthis confirmed they fired ballistic missiles at military targets, with no reported damage.

They are an armed movement (around 20,000 fighters), allied with Iran, that emerged from the prolonged civil war in Yemen (2014–present) and has attacked more than 100 commercial ships in retaliation for what they describe as the genocide in Gaza.

The Houthis’ involvement broadens the conflict and heightens fears of disruption to key maritime routes. The Red Sea and the Bab el-Mandeb Strait have become even more critical following the “closure” of the Strait of Hormuz. Saudi Arabia has already redirected oil exports to the region (4.658 million barrels per day over the past week), and the war is now expected to spread to other “critical chokepoints of global trade,” according to Reuters.

Spain has closed its airspace to U.S. military aircraft involved in the strikes, having already refused to grant access to its military bases.

At the same time, Donald Trump has threatened to “obliterate” Iran’s power plants and oil fields if an agreement is not reached “soon.” He also stated that the U.S. is engaged in “serious” talks with a “new and more reasonable” regime in Iran, while simultaneously reinforcing the region militarily with thousands of troops, increasing the likelihood of a ground conflict. The Speaker of the Iranian Parliament said their forces are “waiting” for U.S. ground troops so they can “rain fire upon them.”

As a result, oil prices surged above $116 per barrel, marking a 59% increase within a month—the largest rise since the Gulf War, when Iraq’s invasion of Kuwait shocked the global oil market.

The war continues, with Israel and the U.S. carrying out ongoing bombardments in Iran (1,937 dead) and Lebanon (1,116 dead), while Iran responds with successive waves of missile and drone attacks on Gulf countries (25 dead + 13 U.S. soldiers killed) and Israel (19 dead), where a refinery in Haifa appears to have been struck.

Sources: Al Jazeera, BBC, Guardian, The Washington Post [1], [2], Reuters [1], [2], [3]

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