Houthi Attacks Send Oil Prices Soaring, Crypto Markets Plummet

The recent Houthi attacks on Saudi oil infrastructure in the Red Sea have sent shockwaves through global markets. Between July 22 and 25, Houthi forces struck two oil tankers, the Encelia and the Layla, near Jizan, as well as Saudi Aramco facilities in both Jizan and Yanbu.

The attacks led to a surge in crude oil prices, with prices blowing past $100 per barrel. The Gulf equity markets also declined due to increased geopolitical fears. Bitcoin dropped below $65,000, while XRP traded lower as the broader digital asset market absorbed the energy price volatility.

Reports have surfaced showing over $900 million in traced Tether (USDT) transactions on the TRON blockchain linked to Houthi activities. This data has sparked concerns about illicit finance and stricter oversight of stablecoin issuers and blockchain networks. The operations reportedly extend to Bitcoin mining on YemenNet infrastructure, which is Yemen's state-controlled internet network.