Bloomberg, citing sources familiar with the discussions, revealed that the agreement has been reached between the Houthi rebels, Russia, and China.

The Houthi rebels, a Shiite militia group backed and funded by Iran, have been fighting against the Yemeni government for decades, gaining control over significant parts of the country, including the capital, Sanaa. As part of their efforts to resist the United States and Israel, the group has disrupted the global shipping industry by targeting ships passing through the Red Sea.

The attacks by the Houthi rebels have forced companies to reroute their vessels away from the crucial Suez Canal to avoid the Red Sea. However, the rebel group recently signaled their intentions to expand their operations to target additional shipping lanes. This move further exacerbated concerns for maritime security and raised alarm bells in the international community.

The reported agreement now solidifies the already established relationship between the Houthi rebels, Russia, and China. Previously, Russia and China had shown mild support for the group in public forums. Their abstention from voting on a U.N. Security Council resolution condemning Houthi attacks in January was a clear indication of their stance. Likewise, in February, both countries criticized the U.S. and British military operations in the Red Sea as illegal, arguing that the UN Security Council had not authorized such actions in Yemen.

Ali al-Quahoum, a member of the Houthis' political bureau, recently emphasized the growing cooperation between Yemen, Russia, China, and the BRICS countries. He stated that this collaboration aimed to counter the influence of America, Britain, and the West in the region.

While the reported agreement may offer relief to shipping companies and enable smoother passage through the Red Sea, Houthi attacks have persisted. The group has recently claimed responsibility for a missile strike on Israel, marking the first time they have allegedly directly targeted the country. In response, on Wednesday, U.S. coalition aircraft destroyed three unmanned vehicles that were deemed a threat to merchant vessels and Navy ships in the area, according to the U.S. Central Command.

The evolving situation in Yemen and the Red Sea remains a substantial concern, as continued Houthi attacks disrupt global shipping and pose a threat to regional stability. The agreement between the Houthi rebels, Russia, and China adds a new dimension to the complex dynamics in the region and raises questions about the future of maritime security and international relations in the area.