Yemen’s Houthi rebels declared a naval blockade of Saudi ships transiting through the Bab el-Mandeb strait, one of the most critical chokepoints for global energy flows. Between July 22 and 28, they targeted three Saudi tankers, the Encelia, the Layla, and the NCC Ghazal, pushing international oil prices above $100 per barrel and triggering heightened Bitcoin price volatility. The attacks have drawn scrutiny to Houthi crypto financing networks, specifically Tether on the Tron network and Bitcoin, used for oil trading and sanctions evasion. President Trump warned Iran of substantial military action should further Houthi attacks occur.
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