Commodities
Houthis Deny Closing Key Oil Shipping Route
The Houthi rebel group in Yemen has denied closing the Bab al-Mandeb Strait, which connects the Red Sea to the Gulf of Aden and Indian Ocean. The strait is a critical passageway for Saudi Arabia's crude oil exports.
Saudi Arabia had announced that it was shifting its oil exports from the Strait of Hormuz to the western port city of Yanbu due to security concerns in the Hormuz.
The Houthi spokesperson, Mohammed Abdusalam, stated on social media that 'there is no closure of Bab al-Mandeb as some are suggesting.' He explained that the group is engaged in a naval blockade targeting only the Saudi side.