Oil crisis deepens as Yemen threatens second strait closure

Yemen's Iran-backed Houthi rebels have threatened to block the Bab el-Mandeb Strait, days after Iran closed the Strait of Hormuz. The blocking of both straits could choke off almost 30% of global oil and gas shipments, forcing Saudi Arabia to use longer, more expensive shipping routes around Africa that add four weeks to delivery times. Australia, which imports 90% of its oil needs from Asian refineries, faces higher costs as the world's biggest diesel importer competing for limited supplies.See omnystudio.com/listener for privacy information.