Houthi Attacks Disrupt Middle East Trade, Crude Prices Soar

Tensions in the Middle East have escalated further as the Houthi forces in Yemen have launched attacks on Saudi oil facilities, disrupting trade through the Bab el-Mandeb strait.

According to shipping data from Kpler, only 11 vessels passed through this critical junction on Sunday, the lowest number in months. This has significantly affected Red Sea trade and driven up physical crude cargo prices across the Middle East, Europe, and Africa to recent highs.

The Houthi forces' actions appear to be a strategy to blockade Saudi exports, adding tension to the already strained U.S.-Iranian relations. The passage through the Strait of Hormuz also remained low, with less than ten commodity vessels transiting over the weekend, despite a ceasefire between the U.S. and Iran.