Oil prices surged as Iran-backed Houthis seized control of Yemen's port city of Mokha on Thursday - an area vital to controlling shipping through the Red Sea.

The Houthi attacks could threaten crude shipments via the Red Sea, which has been a key alternative route to the crucial Strait of Hormuz, where crude flows have been severely…

Capture of Mokha, overlooking Bab Al Mandeb strait, has rattled oil markets, analysts say