Houthi Blockade in Red Sea Raises Oil Prices, Uncertainty in Global Markets
Yemen's Houthi rebels have declared a naval blockade on Saudi Arabian oil shipments through the Red Sea, targeting tankers linked to Saudi Arabia, Israel, and the United States. This action has caused oil prices to surge past $100 a barrel, marking a significant increase since late May. The blockade affects the Bab el-Mandeb strait, a critical chokepoint for global oil trade. Analysts are closely monitoring which vessels the Houthis allow to pass, as this will influence market trends. The situation is further complicated by the ongoing closure of the Strait of Hormuz by Iran, which has retaliated against U.S. and Israeli actions. 
