Houthi militants threaten Saudi oil tankers in Red Sea, sending oil past $100 and rattling crypto markets

Yemen’s Houthi group has declared a naval blockade of Saudi ships transiting through the Bab el-Mandeb strait, one of the most critical chokepoints for global energy flows. The announcement on July 20, followed by missile and drone strikes on two Saudi oil tankers within days, pushed international oil prices past $100 per barrel and injected fresh volatility into crypto markets. What happened and why it matters The Houthi group, formally known as Ansar Allah, escalated its maritime campaign by targeting two Saudi tankers, the Encelia and the Layla, between July 22 and 23. Reports indicate that at least one vessel caught fire after being struck. A third attack on the NCC Ghazal tanker followed on July 28, signaling that the blockade declaration was more than rhetoric. The Bab el-Mandeb strait connects the Red Sea to the Gulf of Aden. Any disruption here doesn’t just affect regional players. It reverberates through global supply chains and commodity pricing. The Houthis have been targeting commercial shipping in the Red Sea since late 2023, initially framing their campaign around the Israel-Gaza conflict. This latest pivot toward Saudi targets represents a significant escalation, dra...