The shutdown of the Strait of Hormuz in the Persian Gulf in March sent oil prices soaring and has become a key obstacle in negotiations to end the Iran war.
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Saudi Arabia on Monday condemned allegations by Yemen’s Iran-aligned Houthis that Riyadh was imposing a siege on the Yemeni people, after the group announced it would impose a maritime blockade on Saudi Arabia.
Should Yemen’s Houthi group succeed in closing the Bab el-Mandeb Strait, it would severely affect a crucial global oil shipping lane. This action could lead to a new spike in crude prices, interrupt fuel deliveries, and intensify pressures on the worldwide economy.
WASHINGTON—This morning, the Iran-backed Houthis announced a blockade of Saudi Arabia, threatening a critical lifeline for the Gulf and global oil supplies. The announcement follows weeks of escalating rhetoric between the Houthis and Saudi Arabia, and an exchange of missiles last week that disrupted a four-year-long détente between the Yemeni group and the Saudi-led coalition…