Yemen's Houthi rebels have announced that they have decided to stop all attacks on Saudi Arabia as part of a peace initiative to end their country's devastating conflict. The announcement was made last night by Mahdi al-Mashat, head of the Houthi's supreme political council, which controls the rebel-held areas in Yemen.

Mashat said on the Houthi-run Al Masirah TV, he hoped the gesture will be answered by a stronger gesture from the Saudis. The announcement comes after a wave of drone strikes last weekend on key Saudi oil installations, sending shock waves through energy markets.

The Houthis claimed responsibility for the attacks, but Riyadh's ally US has placed the blame on Iran, which backs the Yemeni insurgents.

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