Yemen’s Iran-linked Houthis have added pressure on global oil supply by showing that they are serious about enforcing their recently announced maritime embargo of Saudi ports, striking one Saudi tanker in the Red Sea and claiming a second strike early Thursday. The actions are disrupting vital Saudi crude and products exports through the Bab al-Mandeb Strait that links the Red Sea to the Gulf of Aden, as flows via the Strait of Hormuz remain choked off. The move follows tensions over what the group calls a Saudi blockade, which spilled over into air strikes targeting airports in both countries early last week. Escalation drivers are complicated: Saudi-Houthi dynamics — and money flows — are in play, but so too are Iran-Houthi links, and the wider US-Iran conflict. The outlook hinges on whether Riyadh seeks to de-escalate by trying to address Houthi demands — or escalates with US support. Recent history shows the Houthis can both disrupt Red Sea traffic and absorb US strikes.