Houthis Declare Maritime Embargo, Claim Attacks on Saudi Oil Tankers in Red Sea

• Houthis declared a maritime embargo against Saudi Arabia on Monday.
• Rebels claimed attacks on two Saudi oil tankers, ENCELA and LAYLIA, in the Red Sea.
• WTI crude oil prices rose from below $80 to $81.35 following the news.

Yemen’s Houthi rebels announced a maritime embargo against Saudi Arabia on Monday, effective immediately, targeting the strategic Bab el-Mandeb Strait and Red Sea shipping lanes. Later in the week, on Wednesday and Thursday, the group claimed responsibility for attacking two Saudi oil tankers, identified as ENCELA and LAYLIA, in the Red Sea, citing their violation of the newly imposed blockade. This development prompted an immediate reaction in the commodity markets, with WTI crude oil prices rebounding from lows below $80 to trade around $81.35. While these attacks have reportedly slowed Red Sea oil shipments, they have not halted them entirely, contributing to heightened geopolitical tensions in the region.