Houthis Declare Naval Blockade on Saudi Arabia as Red Sea Crisis Deepens
Houthis Declare Naval Blockade on Saudi Arabia as Red Sea Crisis Deepens Escalating U.S.-Iran hostilities, attacks on… Yemen’s Iran-aligned Houthis declared an immediate naval blockade on Saudi Arabia on Monday, Reuters reported, bringing the U.S.-Iran war officially to the southern entrance of the Red Sea and threatening an export route used by Riyadh to bypass disruptions in the Strait of Hormuz.
The group said the “maritime embargo” was retaliation for what it described as a Saudi siege of Yemen,Reuters reported.
Saudi Arabia had not responded to the announcement as of the time of writing.
Iran hadpreviously instructedthe Houthis to prepare to close theBab el-Mandeb Straitif the United States continued attacking Iranian power infrastructure.
A full closure could disrupt oil shipments equivalent to about 7% of global supply, according to Reuters, leaving Saudi Arabia exposed at both ends of its export system as tanker traffic through Hormuz remains sharply reduced.
The Houthi declaration followed a ninth consecutive night of U.S.
Tehran reported strikes in Tabriz, Chabahar, Konarak, Bandar Mahshahr and Bandar Imam Khomeini, while Iran’s Revolutionary Guards said they had attacked U.S.
military assets in Jordan, Kuwait and Syria.
Kuwait also reported another attack on a desalination plant, causing a fire.
Oil movements through the Gulf are deteriorating again.
Satellite imagery reviewed by Reuters showedonly one ship-to-ship oil transfer outside Hormuz on July 18, down from three a week earlier.
Maritime sources estimated that only two or three transfers had occurred in recent days, and supertanker crossings through Hormuz fell to an average of two per day last week from eight per day in late June and early July.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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