The Houthis struck two Saudi oil tankers, Encelia and Layla, on July 23 using ballistic missiles, cruise missiles, and drones as part of a blockade campaign targeting Saudi Arabia’s westbound crude export routes through the Red Sea. Brent crude climbed above $100 per barrel and WTI rose to approximately $88.60. The Houthis are targeting the East-West Pipeline (Petroline), stretching roughly 1,200 kilometers from Saudi Arabia’s Eastern Province to the Red Sea port of Yanbu. Bitcoin slid toward $65,500 as the oil price spike triggered a classic risk-off rotation, while approximately $900 million in Tether transfers were reportedly conducted via the TRON network in connection with Houthi financing operations.
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