Houthis Declare Naval Blockade On Saudi Arabia

From the New York Post: "Yemen’s Houthis declare naval blockade on Saudi Arabia, widening threat to global oil supplies." The Houthis' statement "said the decision was in response to what they called 'an unjust and oppressive siege' imposed on Yemen by the Saudis," but the article notes that "Iran had pressed the Houthis to close the Bab el-Mandeb gateway to the Red Sea if the US continued to attack Iranian power infrastructure."

The full closure of the Bab el-Mandeb strait would reduce global oil supply by 7% as it would leave most of Saudi oil exports unable to leave the region. The disruption would add to the massive cut to global oil flows from the war in the Gulf, which has already reduced shipments by 10% of global supply.