The U.S.-Iran war has reached crisis point for Saudi Arabia and its de facto leader, Crown Prince Mohammed bin Salman. The kingdom was spared the worst of the Islamic Republic’s counterstrikes against the U.S. and Israel early in the conflict, and was even benefiting from higher crude prices as it used a land pipeline to bypass the Strait of Hormuz. That all changed when the Houthis started firing at Saudi Arabia on a near-daily basis this month.
The Iran-backed militants have also captured more territory in Yemen, where they are based, tightening their control over Bab el-Mandeb, another vital strait for shipping and energy markets. Drone strikes by pro-Tehran militias in Iraq, meanwhile, forced the kingdom to close the pipeline, which carries oil to its Red Sea ports, last week.
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