Yemen's Houthi group announced a naval blockade against Saudi Arabia, escalating regional tensions. The group threatened millions of barrels of Saudi oil passing through the strategic Bab el-Mandeb strait. Prediction markets currently estimate a 57% chance that the Houthis will successfully block Saudi ports by August 31.
Firefighters contained a blaze at an Aramco refinery in Jazan after Houthi forces claimed a drone strike targeting Saudi energy infrastructure.
Read the full storyWTI and Brent crude gain ground as Houthi attacks on Saudi-backed forces spark fresh concerns over regional supply stability.
Houthis targeted Saudi tankers 'Wafa' and 'Daisy' with ballistic missiles alongside a ground offensive in oil-rich provinces killing 45 government troops.
Houthi military spokesperson Yahya Saree claimed a precise hit on the Saudi-flagged tanker 'Wafaa' off the coast of Yanbu.
Houthi forces claimed a missile strike on the Saudi tanker NCC GHAZAL, citing a violation of their blockade in the Bab el-Mandeb Strait.
Saudi Aramco halted operations at its 400,000-bpd Jazan refinery after a Houthi strike damaged critical infrastructure, with repairs expected to continue until August 15.
Oil prices surged as Houthi strikes on two Saudi tankers and the collapse of a U.S.-Iran ceasefire reignited supply disruption fears.
Increased security tensions in the Red Sea have dampened investor appetite in regional markets and led to a significant slowdown in maritime traffic.
Saudi Arabia launches military operations against Houthi targets after maritime attacks, raising concerns over energy site security.
Amid escalating geopolitical tensions in the region, Yemeni Houthi rebels claimed responsibility for attacking two Saudi Arabian oil tankers, the Encelia and the Layla, sparking immediate concerns over global energy security.
Prediction markets are pricing in a 57% probability of Houthi militants successfully blocking Saudi ports by August 31.
Houthi forces intensified threats in the Bab el-Mandeb strait, placing millions of barrels of Saudi crude oil at risk of maritime disruption.
The Houthi movement declared intentions to target Saudi maritime routes, raising significant risks for regional security and energy markets.