The recent Saudi-Iranian clash is unlikely to affect oil markets for now, but the redistribution of political power between Saudi Arabia and Iran, along with the US disengagement from the Middle East might have long-term consequences for the region’s stability and global oil supply trends.
With Al Houthi rebels overtaking Sanaa, a former advisor to Iranian President Khatami has declared that Iran is the new sultan of the Middle East. Iran has supported the Al Houthi rebels taking over Yemen, believing it will expand their sphere of influence at the expense of Saudi Arabia.
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