Houthi attacks on Saudi oil infrastructure and Red Sea shipping are pushing oil prices higher, which is bad for China and global energy buyers, though prices have eased a bit from their peak.

• Iran-backed Houthis in Yemen are striking Saudi oil facilities and ships, choking off Saudi oil exports through the Red Sea.
• Saudi Arabia asked Beijing for help, and China has reportedly asked Iran privately to rein in the Houthis.
• China has its own reason to act: it depends on those shipping routes and wants cheaper oil.
• Oil is still expensive, but Brent has slipped from its peak after the first pipeline strike as markets hope the attacks slow down.
• Xi Jinping is expected to meet Trump next Thursday, adding another big geopolitical moment to the week.

Outlook: If China succeeds in calming the Houthis, oil prices should keep easing; if attacks continue, expect them to climb again.