Houthi Threats Fuel Oil Market Jitters Amid Saudi Blockade

The Houthi militant group in Yemen has announced its intention to attack Saudi oil tankers in the northern Red Sea, citing Saudi Arabia's diversion of ships away from the Bab el-Mandeb chokepoint. The move is seen as a response to the kingdom's blockade on Yemeni ports, which the Houthis describe as a 'siege'.

The Houthis have been targeting Saudi vessels in retaliation for the blockade, with several ships already targeted since announcing their attacks last month. However, the damage has been relatively limited so far.

Saudi Aramco has stated that the Houthi blockade has yet to impact export volumes, and the kingdom is working on contingency plans to ensure oil flows continue uninterrupted.