Saudi Red Sea Crude Exports Decline Amid Houthi Attacks
Saudi Arabia has experienced a significant decline in crude exports from the Red Sea, with volumes dropping by 41% since March, according to Wood Mackenzie data. The decline follows the redirection of exports through the East-West pipeline to Yanbu on the Red Sea, a strategy implemented at the start of the Iran conflict. However, recent attacks by Yemen's Houthi rebels on Saudi tankers in the Bab el-Mandeb Strait have further complicated the situation. The Houthis, aligned with Iran, have declared a naval blockade, targeting Saudi oil exports and creating a new chokepoint in the region. This development poses a threat to Saudi Arabia's oil export strategy, which aimed to reduce reliance on the Strait of Hormuz. 
