Commodities
Saudi Coalition Forms to Protect Red Sea from Houthi Attacks
Saudi Arabia has announced plans to form an international coalition to protect shipping in the Red Sea from attacks by Iran-backed Houthis in Yemen.
The move comes after the Houthis imposed a maritime blockade on Saudi Arabia, disrupting oil shipments diverted to the Red Sea following the closure of the Strait of Hormuz. Reports have also emerged that they plan to impose tolls on shipping passing through the Bab al-Mandeb Strait off the coast of Yemen.
The new alliance is set to be headquartered in Riyadh and could be unveiled as early as Thursday, according to reports. The list of countries invited to join has not been officially released, but at least three Red Sea countries - Egypt, Djibouti, and Sudan - have agreed to participate.