An Iranian-supported faction has issued a threat to enforce a naval blockade against a United States ally in the midst of escalating tensions in the Middle East.
The rebel group known as the Houthis in Yemen has announced their intention to close off the Bab el-Mandeb Strait, a crucial water passage for Saudi Arabia connecting to the Red Sea, following the shutdown of the Strait of Hormuz during the ongoing US-Iran conflict.
Iran had initially closed the vital Strait of Hormuz in response to joint airstrikes by the US and Israel on key Iranian locations, disrupting the flow of 20% of the world’s oil trade and causing turmoil in global oil markets.
In a declaration by the Houthis’ armed forces, they stated their decision to impose a maritime embargo on Saudi Arabia as a retaliatory measure against what they perceive as an unjust blockade imposed on Yemen by the Saudis.
Saudi Arabia swiftly denounced the Houthi blockade announcement, refuting accusations of besieging the Yemeni people, while the internationally recognized Yemeni government also condemned the Houthi’s actions.
The Saudi-led coalition in Yemen has vowed to safeguard shipping routes and retaliate with force against any aggression from the Houthis, labelling such threats as a violation of international law tantamount to maritime piracy.
If the Bab el-Mandeb Strait were to be completely sealed, it would lead to a 7% reduction in global oil supply, preventing most of Saudi Arabia’s oil exports from reaching the market, as reported by the Sydney Morning Herald.
This potential closure could escalate tensions between the US and Iran, resulting in a significant decline in oil flow from the Gulf region.
Following the Houthi’s announcement, oil prices experienced a brief surge before stabilizing as traders remained hopeful for a diplomatic resolution to the crisis.