Houthis Threaten Red Sea Blockade, Putting Oil Market at Greater Risk

It was not apparent how or even whether the Houthis, who are based in Yemen, will carry through on their declaration, which they issued on Monday. But there were signs that the threat could be affecting sea traffic. Two oil tankers heading toward the Bab al-Mandab made U-turns and were moving north toward the Suez Canal, according to Kpler, a maritime data company. But that route can be costlier and logistically more complex.

On Tuesday, more than 93 crude oil tankers were operating in the Red Sea, a big increase from the approximately 50 tankers a day before the war, Kpler found, a reflection of the increased use of Saudi Arabia’s Yanbu port on the Red Sea. In recent months, Saudi Arabia has been exporting around 3.6 million barrels of oil and related fuels a day via the Bab al-Mandab strait. Before the war, the Saudis exported fewer than one million barrels per day via that route. Most of the oil shipped from Saudi ports south through the Red Sea is sent to South Korea, Japan, China and other destinations in Asia.

Article source: https://www.nytimes.com/2026/07/21/business/oil-red-sea-houthis.html