Subscription-manager and yum commands are failing with error ValueError: Error parsing proxy

Issue

• Subscription-manager and yum commands are failing with error ValueError: Error parsing "proxy = 'PROXY:PORT'": URL must be http, ftp, https, socks4, socks4a, socks5 or socks5h not ""

  # cat /var/log/rhsm/rhsm.log
  2023-10-30 15:30:45,368 [ERROR] subscription-manager:30664:MainThread @cache.py:181 - Error updating system data on the server
  2023-10-30 15:30:45,368 [ERROR] subscription-manager:30664:MainThread @cache.py:182 - Error parsing "proxy = 'PROXY:PORT'": URL must be http, ftp, https, socks4, socks4a, socks5 or socks5h not ""
  

  # yum repolist
  Loaded plugins: product-id, search-disabled-repos, subscription-manager
  Options error: Error parsing "proxy = 'PROXY:PORT'": URL must be http, ftp, https, socks4, socks4a, socks5 or socks5h not ""