Will Houthis' naval blockade on Saudi disrupt global oil supplies?
What's the story
The Houthi movement in Yemen has announced a naval blockade on Saudi Arabia. The move comes after the group accused Saudi Arabia of attacking Sanaa International Airport, despite Yemen's internationally recognized government claiming responsibility, saying it was to prevent an Iranian plane returning from Supreme Leader Ayatollah Ali Khamenei's funeral from landing in the capital. In retaliation, the Houthis launched missiles at Abha International Airport in Saudi Arabia.
Houthis
Maritime embargo 'based on equation of eye for an eye'
The Houthis said the declaration of the maritime embargo was "based on the equation of 'an eye for an eye'" and affirmed "the right of our great people to respond to the blockade with a blockade."
The group, Ansar Allah, which seized Yemen's capital, Sanaa, in 2014, accused Saudi leaders of imposing "an unjust and oppressive siege" for over a decade, "plundering our resources and imposing a comprehensive blockade on our ports and airports by land, sea, and air."
Escalating tensions
Concerns about fragile peace
The move marks a new chapter in the long-running battle between the Iran-aligned Houthis and the Saudi-led coalition, which has supported Yemen's internationally recognized government since 2015.
It was unclear how the Houthis planned to implement the maritime blockade.
But after Israel launched attacks on Gaza in 2023, the Houthis had attacked ships in the Bab al-Mandeb Strait, disrupting world commerce.
Last October, the attacks came to an end when a "ceasefire" was declared in Gaza.
Economic impact
Impact on global trade and energy markets
The Bab al-Mandab Strait, which connects the Red Sea to the Gulf of Aden, is one of the world's busiest shipping routes.
Around 4.1 billion barrels of oil and petroleum products passing through it in 2024.
If the strait is closed, it could block up to 25% of the world's oil and gas supply.
The closure would have a huge impact on global trade and energy markets, especially since the Strait of Hormuz is already shut due to ongoing conflicts.
Export challenges
Disruption of oil exports
The blockade is likely to disrupt Saudi Arabia's oil exports further. The kingdom has been looking for alternative export routes since the US-Israel war on Iran started.
Its East-West pipeline, Petroline, runs from the Abqaiq oil field to Yanbu and pumps around seven million barrels of oil daily.
From there, oil tankers ship the oil via Bab al-Mandeb to major Asian markets and elsewhere.