Iran-backed Houthi rebels are on a rapid offensive in Yemen, seizing the port of Mokha and the islands of Mayun, Perim, and Hanish, all in or around the Bab el-Mandeb Strait, one of the world's most important oil chokepoints. A former Pentagon official called it "the cork in the Red Sea bottle," warning it threatens Saudi oil exports and could push global fuel prices up. Trump has threatened "major military punishment" for Iran over future attacks. Is the world's oil supply now in rebel hands?
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