Global oil prices (Brent) spiked near $108/barrel on September 11 due to escalating Houthi-Saudi military clashes, fueled by Iranian-backed Houthi forces moving toward the critical Bab el-Mandeb Strait. Control of this strategic chokepoint could disrupt shipping routes for Middle Eastern oil exports, tighten global markets already strained by Chinese demand and supply concerns. Analysts warn full-scale conflict could trigger sustained high oil prices, directly impacting Thailand's import costs and business operating expenses.