Tanker traffic at Saudi Arabia’s Yanbu port has dropped by more than a third after the Houthis declared a blockade targeting Saudi vessels in the Bab al-Mandeb Strait. This decline marks a notable escalation in maritime tensions between the Houthi movement and Saudi Arabia amid the broader Yemen conflict. The blockade of this strategic chokepoint in the Red Sea poses a direct threat to Saudi energy exports and global trade routes. The market currently prices the likelihood of Strait of Hormuz traffic returning to normal by September 30 at only 5.5 percent.
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