Houthis announce maritime blockade against Saudi Arabia, raising global trade risks

Yemen's Houthi rebels declared an immediate maritime blockade against Saudi Arabia, escalating regional tensions and posing a significant threat to global energy supplies. The announcement, made by military spokesperson Yahya Saree, frames the blockade as a response based on the principle of "an eye for an eye." The rebels did not specify the exact areas or methods of implementation, leaving the blockade's operational scope uncertain and increasing apprehension in international markets. This escalation follows a recent intensification of hostilities, including the first direct exchanges of fire between the Houthis and the Saudi-led coalition in years. These clashes jeopardized a fragile truce mediated by the United Nations in 2022. Recent incidents include an attack on Sanaa International Airport, which prevented an Iranian plane carrying a Houthi delegation from landing. The Houthis blamed Riyadh for the action and retaliated with missile and drone attacks. Houthi leader Abdulmalik al-Houthi warned that Saudi oil facilities and strategic infrastructure could be targeted if the kingdom continues its military operations, heightening concerns about potential attacks on key energy assets. The Houthi announcement occurs within a broader context of rising confrontation between the United States and Iran, which has already disrupted shipping through the Strait of Hormuz, a vital route for hydrocarbon trade. Saudi Arabia has been using its East-West pipeline to transport crude to the Red Sea, but an effective blockade could severely impact the world's leading oil exporter's ability to supply international markets. Analysts warn that closing the Bab el-Mandeb Strait, the gateway to the Red Sea, could reduce global crude supply by approximately 7%, exacerbating existing cuts of around 10% due to regional conflicts. Oil prices saw an initial rise following the Houthi announcement but later moderated amid expectations of renewed US-Iran negotiations to de-escalate the situation.

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