Gulf shipping traffic down after Houthis say they attacked Saudi tanker

The Houthis have declared a naval blockade on Saudi Arabia in the Red Sea, which they initiated in response to what they describe as a Saudi siege on Yemen. This blockade has led to a significant reduction in shipping traffic in the region, as the Houthis have targeted several tankers, including forcing a Saudi oil tanker to turn back. The blockade follows a series of attacks by the Houthis, including an assault on the Aramco refinery in Jizan and export facilities at Yanbu on July 26, which are critical for Saudi oil exports. Saudi Arabia has condemned the Houthi blockade, expressing concerns that it threatens to disrupt oil supply to countries that import Saudi oil. Analysts have warned that any serious disruption in the Bab el-Mandeb Strait, a vital maritime chokepoint for oil flow to Asia, could lead to a rise in oil prices, potentially exceeding US$100 per barrel. The situation is further complicated by ongoing disruptions in shipments through the Strait of Hormuz, which are already affected by the US-Iran conflict. The international community is closely monitoring the developments related to the Houthi threats, as they could have substantial implications for global oil markets and the economies of countries dependent on Saudi oil imports. The diversion of tankers to Egypt reflects the significant impact of the Houthi threats on Red Sea trade. The United Nations has described the situation as "out of control," and U.S. President Donald Trump has threatened "major military punishment" in response to the Houthi attacks. The combination of threats to both the Bab el-Mandeb Strait and the Strait of Hormuz presents significant challenges for oil importers in Asia, who heavily rely on Saudi oil. While the Houthis have indicated that their attacks are part of a broader strategy to enforce the blockade, experts suggest that these actions are currently shaping the logistics of who moves Saudi crude rather than whether it will move at all.