Satellite view of the Bab el-Mandeb Strait is a vital trade route linking the Red Sea, Gulf of Aden, Arabian Sea, Suez Canal, and Mediterranean.Gallo Images | Orbital Horizon | Getty ImagesIran's Houthi allies in Yemen on Monday declared a maritime embargo against Saudi Arabia effective immediately. The militants have repeatedly threatened to close the Bab el-Mandeb Strait, a chokepoint for commercial ship traffic connecting the Red Sea to the Gulf Aden and global markets. The Houthis, in a statement carried by state news, accused the Saudis of laying an "aggressive siege" against them. Tensions escalated last week after the militants claimed that Riyadh had bombed Sanaa International Airport. The Saudis have diverted million of barrels of oil per day through a pipeline to an export terminal on the Red Sea, as the U.S.-Iran war has severely disrupted tanker traffic through the Strait of Hormuz.A closure of Bab el-Mandeb would block in those barrels, exacerbating the oil supply disruption triggered by the plunge in tanker traffic through in Hormuz. Crude oil prices were little changed after the announcement.This is breaking news. Please refresh for updates.
Iran's Houthi allies in Yemen declare maritime embargo of Saudi Arabia
Satellite view of the Bab el-Mandeb Strait is a vital trade route linking the Red Sea, Gulf of Aden, Arabian Sea, Suez Canal, and Mediterranean.Gallo Images | Orbital Horizon | Getty ImagesIran's Houthi allies in Yemen on Monday declared a maritime embargo against Saudi Arabia effective immediately. The militants have repeatedly threatened to close the Bab el-Mandeb Strait, a chokepoint for commercial ship traffic connecting the Red Sea to the Gulf Aden and global markets. The Houthis, in a statement carried by state news, accused the Saudis of laying an "aggressive siege" against them. Tensions escalated last week after the militants claimed that Riyadh had bombed Sanaa International Airport. The Saudis have diverted million of barrels of oil per day through a pipeline to an export terminal on the Red Sea, as the U.S.-Iran war has severely disrupted tanker traffic through the Strait of Hormuz.A closure of Bab el-Mandeb would block in those barrels, exacerbating the oil supply disruption triggered by the plunge in tanker traffic through in Hormuz. Crude oil prices were little changed after the announcement.This is breaking news. Please refresh for updates.
