Houthi Attacks on Vessels in Red Sea Threaten Global Energy Markets

The Houthi rebels in Yemen have resumed attacks on vessels in the Red Sea after a nine-month pause, directly targeting Saudi Arabia. On July 22, 2026, the Houthis attacked several oil tankers in the Red Sea, forcing Saudi Arabia to retaliate with airstrikes against Houthi targets in Yemen for the first time since the 2022 truce.

The attacks have expanded the zone of risk for shipping to two other maritime choke points: the Bab al-Mandab Strait between Yemen and the Horn of Africa, and the Suez Canal and pipeline links between the Red Sea and the Mediterranean. This has put at risk Saudi Arabia's strategy of redirecting oil exports away from the Strait of Hormuz through its western ports.

The Houthis have long been an irritant to the strategic plans of Gulf nations and the U.S., but had remained relatively quiet during the first phase of the Iran war. However, with the recent attacks on vessels in the Red Sea, it is clear that the Houthi front is no longer quiet.

The loss of a solid Saudi plan B, which was to redirect oil exports through its western ports, has significant implications for global energy markets. The Saudis had managed to export around 3.43 million barrels of oil per day in May, but this workaround is now at risk due to the recent attacks on vessels in the Red Sea.