Over the next few weeks or possibly even days, the price of crude in the international market is going to increase geometrically. This will have terrible ripple effects worldwide. All because of the alarming idiocy of Donald Trump.
While the US was focused on containing Iranian activity in the strait of Hormuz, the Iranians had their eyes on a more critical strait in the red sea. The strait of Bab El-Mandeb. This strait is very critical to all Saudi Arabian oil exports. And Iranian allies, the Houthis in Yemen, are possibly days away from capturing it.
If Bab El-Mandeb falls into the hands of the Houthis, Saudi Arabia can kiss crude oil exports goodbye. But that isn't enough. The Houthis have developed their own precision guided missiles that they can target vital assets in Saudi Arabia. Critical crude oil extraction facilities in Saudi Arabia have been shut down as a result.
In 2002, Saudi Arabia, the US and the UK engaged in a brutal bombing campaign against the Houthis and achieved nothing positive. Saudi Arabia even deployed foreign mercenaries, paying them 5000 dollars monthly to fight and yet the Houthis wiped out a good number of them. Saudi Arabia, the US and the UK, shamefully withdrew.
There are over 300,000 Houthi fighters. Men who welcome and actively search for death. Nothing will dissuade them from taking the strait of Bab El-Mandeb except the US puts boots on the ground. The Houthis already took a very critical port on the red sea today after brutal fighting against Yemeni government troops and Saudi backed mercenaries. Oil prices are inching up as a result.
Saudi Arabia cannot just watch its economic lifeline being cut off. It will be forced to act but air power alone won't be enough. Troops have to be on ground. Iran and its allies will take up their targeting of Saudi crude production assets a notch. This will do wonders for the international price of crude and of course the retail prices of petrol and diesel here in Nigeria.
Fuel prices here will increase more than they currently are here in Nigeria . President Tinubu will not be responsible for it. There is nothing he can do. So let's all brace up. The coming days and weeks will be very rough
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