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Energy and TransportDEVELOPING

Houthis Capture Mayun Island at Red Sea Entrance, Threatening Shipping

Yemen’s Houthi rebels have captured Mayun Island at the entrance to the Red Sea, a key route for Saudi oil exports. About 12% of global goods normally pass through the nearby Bab el-Mandeb Strait, while a Houthi spokesman said shipping was safe except for Saudi vessels.

  • Houthi forces seized Mayun Island near the Bab el-Mandeb Strait.
  • About 12% of global goods normally pass through the strait.
1 sources90% confidence
NPR World
monetary policyDEVELOPING

Central banks weigh rate rises as energy costs climb — ECB raised rate to 2.5%

The European Central Bank raised its policy rate to 2.5% this week. Rising oil and gas prices linked to the US–Iran war have pushed inflation concerns back to the fore as the US Federal Reserve and the Bank of England prepare rate decisions next week.

  • ECB raised its policy rate to 2.5% this week.
  • Brent crude about $105 a barrel amid restrictions through the Strait of Hormuz.
1 sources93% confidence
BBC Business