Ghost of Hormuz emerges from Red Sea

The Yemeni Houthis, supported by Iran, have escalated their attacks on oil installations along Saudi Arabia's western coast, responding with a naval blockade against Saudi Arabia; this threatens to close the Bab el-Mandeb Strait, a vital strategic route for global trade. This escalation has led to oil prices rising above $100 per barrel and poses significant risks to maritime navigation in the Red Sea. These developments are increasing pressure on the Saudi economy, with concerns that the conflict could extend to the Strait of Hormuz, potentially triggering a dual crisis for these vital chokepoints. There are expectations of strong reactions from the United States and Israel, amid warnings of severe repercussions for trade flows and regional stability.

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