Houthis Strike Saudi Oil Tanker in Northern Red Sea, Escalating Blockade

The Houthis have fired ballistic missiles at a Saudi oil tanker off the coast of Yanbu, a major port city in the northern Red Sea. This marks the northernmost attack by the Yemeni group since it began its blockade on Saudi Arabia on July 22.

Analysts warn that a shift north towards Egypt and the Suez Canal would lead to increasing economic pressure on the Gulf kingdom.

The strike on the NCC Wafaa, which was accused of violating the blockade and ignoring warning calls, is part of a broader escalation by the Houthis. The group has claimed to have hit eight tankers since the blockade was declared, at least five of which were Saudi and one Indian-flagged.

Matthew Wright, an analyst at Kpler, said that in terms of threat to crude trade, 'we're at the worst period we've been in since this crisis began.' The Houthi blockade on Bab al-Mandab has had less of an impact on Saudi oil exports so far than the closure of the Strait of Hormuz.

The Houthis' aim is not only to strengthen Iran's bargaining position over the Strait of Hormuz but also to restore coercive leverage over Riyadh, according to analyst Ibrahim Jalal. The group claims to have denied 29 Saudi vessels passage through Bab al-Mandab during the first two weeks of the blockade.