Key facts
- Yemen's Iran-aligned Houthis declared a maritime embargo against Saudi Arabia.
- The Houthis cited retaliation for Saudi Arabia's alleged siege of Yemen and recent airport strikes.
- The embargo threatens the vital Bab el-Mandeb Strait, a key chokepoint for global energy and trade.
- An email from the Houthis warned shipping companies against loading or discharging cargo at Saudi ports.
- Vessels violating the ban may be targeted by the Houthis.
- Saudi Arabia condemned the Houthi claims and vowed to protect its ships.
Yemen's Iran-aligned Houthis have escalated regional tensions by declaring a maritime embargo against Saudi Arabia and warning shipping companies to avoid Saudi ports, threatening targeting in any location. The rebels framed the move as an 'eye for an eye' response to Saudi actions, including an alleged blockade of Yemen and recent airport strikes. The declaration threatens the vital Bab el-Mandeb Strait, a critical chokepoint for global energy and trade, potentially disrupting crucial oil and steel shipments from Saudi Arabia.
The Bab el-Mandeb Strait connects the Red Sea to the Gulf of Aden and is a critical route for crude and fuel shipments between the Middle East, Europe, and Asia. A full closure would force tankers to take longer routes around Africa, adding significant costs and delays. Analysts estimate that over 3 million barrels per day of Saudi crude shipped via the Red Sea could be rerouted.
While oil prices stabilized due to potential U.S.-Iran talks, experts warn that a successful blockade could justify a further rally, with prices potentially climbing back above $115-$120 a barrel. The disruption could also impact refined product supplies to Europe and potentially contribute to a global recession. The Saudi-led coalition has vowed to respond with force to any Houthi threats against shipping.