Houthis declare naval blockade on Saudi Arabia, new front in US-Iran war, Saudi oil loadings drop 36%
Yemen's Houthis declared a naval blockade on Saudi Arabia Monday, opening a new front in the US-Iran war. Saudi crude loadings through Bab el-Mandeb have fallen 36% in two weeks, from 9.5 million to 6.1 million barrels a day, per Kpler data. A full closure could cut global oil su
Yemen's Houthis declared a naval blockade on Saudi Arabia on Monday, opening a new front in the US-Iran war and adding to the threat facing global energy supplies. The group said the blockade was retaliation for Saudi strikes on the airport in Sanaa, Yemen's capital, during which it claims an Iranian official was travelling through the terminal. The Saudi-led coalition said it would respond to the blockade with force and has begun implementing protection measures for its ships moving through the Bab el-Mandeb Strait, according to Reuters. Even before the blockade takes full effect, its impact is visible: Saudi crude loadings through Bab el-Mandeb have fallen 36% in two weeks, from a peak of 9.5 million barrels a day to 6.1 million, according to Kpler data cited by The National. A full closure of the strait could remove shipments equal to about 7% of global oil supply, Reuters reported. The disruption comes as the Strait of Hormuz remains effectively closed due to the broader US-Iran conflict. Together, the two waterways normally carry around a quarter of the world's oil and gas, meaning two of the most important chokepoints for global energy are now constrained at the same time.