Yemen’s Houthis to Impose Maritime Blockade on Saudi Arabia

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Or sign-in if you have an account.suh}(}wyf4[x0ic}dk5gkxam_media_dl_1.png Bloomberg(Bloomberg) — The Houthis, an Iran-backed Yemeni group, said they would impose a maritime blockade on Saudi Arabia, putting at risk the flow of millions of barrels that the kingdom exports via the Red Sea.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe blockade is in response to what the group says is Saudi Arabia’s siege on the Yemeni capital, Sana’a. The ban on Saudi ships would be effective immediately, the group’s spokesperson Yahya Saree said in a video published on his X account on Monday. Saudi energy officials were not immediately available for comment.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe announcement adds to a slew of risks facing oil supplies from the Middle East. Maritime traffic through the Strait of Hormuz, where about a fifth of the world’s oil flowed before the US-led war on Iran, remains near a standstill as Tehran and Washington stage tit-for-tat attacks. A disruption to supplies through the Red Sea, the route currently used by Saudi Arabia for bulk of its crude exports, would exacerbate the war’s impact on global oil trade.The kingdom diverted its oil supplies to key Red Sea port of Yanbu following the outbreak of the war and Iran’s effective closure of Hormuz. Those exports, which rose to a record 4.19 million barrels a day last month, have helped limit the disruption to global supplies, but the route remains fragile as it exposes tankers to the Houthi militants who have previously attacked ships in the Red Sea.The group disrupted shipping near the Bab el-Mandeb Strait at the southern end of the Red Sea for months starting in late 2023. Traffic along the waterway nearly came to a standstill, forcing shippers to abandon the shortest route between Asia and Europe.Global benchmark Brent crude on Monday swung on the prospects for further escalation and detente in the conflict. It was trading 0.2% higher at $88.23 a barrel as of 2:06 p.m. in London.Tensions between Saudi Arabia and Houthis have been on the rise since last week when Riyadh attacked the airport in Sana’a. Houthis then attacked a southern Saudi airport, the worst flare-up between them since a ceasefire in 2022.—With assistance from Omar Tamo and Salma El Wardany.(Updates with past attacks by Houthis on ships in the Red Sea.)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.