Pressure Systems edition
Houthi Red Sea Control and Venezuelan Oil Seizures Spike Oil Prices
September 12, 2026
What this edition shows
The US forcible appropriation of Venezuelan oil reserves and Houthi advances along Yemen's Red Sea coast converge to choke vital maritime choke points, sending Brent crude past $100 a barrel. As drone attacks shutter Saudi pipelines and US-Iran hostilities escalate, the resulting energy shock ripples across global markets, driving up inflation and threatening interest rate hikes worldwide.
Reporting and analysis behind this edition 21 sources
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Inside the US Takeover of Venezuelan Oil
Nine months after the US abducted Venezuelan President Nicolás Maduro, a highly unusual oil deal has surfaced.
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Trump’s Venezuela: Why seek regime change if you can get regime compliance?
The Trump administration’s forcible appropriation of a fifth of Venezuela’s oil reserves is worse than the theft of national assets in post-Soviet Russia.
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Will Houthi advances in Yemen give Iran leverage in its war with the US?
The Iranian ally seizes Yemen's Red Sea coast, cementing their hold on the Bab al-Mandeb strait.
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Saudi Arabia shuts critical oil pipeline after drone attack: What it means
Baghdad launches investigation, closes border after confirming strike came from Iraqi territory.
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Brent crude surpasses $100 a barrel as Iran, US escalate attacks
Benchmark Brent crude hits $100, shaking markets and fuelling concerns over rising inflation pressures worldwide.
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Houthis take control of Yemen’s Red Sea coast and key shipping route
Rapid advance of Iran-backed force threatens key alternative shipping route to Strait of Hormuz.
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Yemen’s Houthis seize strategic Red Sea city of Mocha
Houthis deliver 'significant blow' to the Yemeni government, expand control over Bab al-Mandeb, analysts say.
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The Bab el-Mandeb Problem
Houthi control of a Red Sea port brings Tehran closer to claiming another critical waterway.
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Top Signs You’re Heading for a Quagmire
Failed wars are predictable, if you know what to look for.
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Trump Loses the Other Strait
As recently as last week, the Iran war appeared to be turning in America’s favor. The Houthis—the Yemen-based militia that is Iran’s most formidable remaining ally in the Middle East—were under pressure from their local rivals, and the Saudi air force was pounding them with air strikes. The presiden…
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Iran-backed Houthis seize strategic Mayun Island: Can they hold it?
The takeover solidifies the group's position in the Bab al-Mandeb, but holding it long-term could be difficult.
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Satellite image shows critical Saudi pipeline damaged in drone attack
Saudi Arabia has shut its East-West oil pipeline after a drone attack. Riyadh says the attack originated in Iraq.
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Houthis take control of Yemen’s entire Red Sea coast, reports say
The Iran-backed Houthi forces have taken control over most of the western Red Sea coastal line
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Oil jumps to $105, pushing up chances of a US interest rate increase
Prices spiked as attacks on oil tankers escalated amid the US-Iran war.
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Houthis capture Yemeni town of Mocha: Why it matters
The Houthi seizure of Mocha threatens global trade routes, severs vital supply lines, and displaces thousands in Yemen.
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Houthis advance along Yemen’s southern Red Sea coast
Yemen’s Houthi rebels are advancing along the Red Sea coast, to gain more leverage over the Bab el-Mandeb Strait.
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Yemen envoy warns of wider war as Houthis threaten Bab al-Mandeb Strait
In an interview with Al Jazeera, Yemen's ambassador warns Houthi attacks threaten global shipping.
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Houthi advance in Yemen is about more than just the Red Sea
Houthis were already able to disrupt shipping - their advance consolidates that power, and exposes government weakness.
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Will the Houthi attacks activate the Mecca Pact?
If there is a Saudi request, Pakistan and Turkiye will intervene, but direct involvement in the Yemen war is unlikely.
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Can the Houthis close the Red Sea after seizing the Yemen coast?
Some observers see a force that has improved impressively in the past years, but others doubt the Houthis can sustain wins.
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Iran claims to have captured a US ‘sail drone’ near Hormuz Strait
Iran’s Revolutionary Guard says its navy struck a US-operated surface drone at the entrance of the Strait of Hormuz.