Iran's Houthi allies in Yemen declare maritime embargo against Saudi Arabia
CNBC • • entertainment
Key Points:
- Houthi militants in Yemen declared an immediate maritime embargo against Saudi Arabia, potentially worsening oil supply disruptions caused by Iran's tanker attacks in the Strait of Hormuz.
- The Houthis have threatened to close the Bab el-Mandeb Strait, a critical shipping chokepoint linking the Red Sea to the Gulf of Aden and global markets.
- The militants accused Saudi Arabia of imposing an "aggressive siege" and escalated tensions after claiming Riyadh bombed Sanaa International Airport last week.
- Saudi Arabia has been exporting millions of barrels of oil daily through a Red Sea pipeline, which serves as a key outlet during the U.S.-Iran conflict; a closure of Bab el-Mandeb would block these exports.
- Despite the embargo declaration, crude oil prices showed little immediate change.
