Houthi Blockade Puts Squeeze on Red Sea Oil Shipment

The ongoing conflict between Iran and Saudi Arabia has taken another turn, as Iranian-backed Houthis in Yemen have announced a naval blockade against Saudi Arabia. The blockage targets ships attempting to transit the Bab el-Mandeb Strait, which is located at the southern entrance to the Red Sea.

On Thursday, the Houthis followed through on their threat by striking two Saudi oil tankers, with one ship confirmed hit by Saudi officials. This has led to a jump in global oil prices, reaching over $100 per barrel for the first time since May.

The Bab el-Mandeb is a narrow waterway, just 19 miles wide, between Yemen and the Horn of Africa. It's become crucial for Saudi petroleum exports, with over half of their shipments passing through it after they closed the Strait of Hormuz in early March.