Commodities
Houthis Blockade Saudi Oil Tankers Amid Escalating Regional Tensions
The Iran-backed Houthi rebels in Yemen have imposed a naval blockade on Saudi Arabia, forcing eight oil tankers to change course. The Houthis claim this is a response to the long-standing siege on their areas by Saudi forces.
According to the Houthis, the affected tankers will now need to reroute via the Cape of Good Hope in South Africa to reach their destination, significantly lengthening voyages to Asia.
The Houthis control the Bab el-Mandeb Strait, a key transit point for global shipping connecting the Red Sea with Asia. The blockade is likely to impact energy exports from Saudi Arabia, which has been leading a coalition supporting the Yemeni government against Houthi advances since 2014.