SAUDIARAMCO — Yemen's Houthis declare naval blockade on Saudi Arabia, threaten key oil chokepoint

Yemen's Iran-aligned Houthi group announced a naval blockade against Saudi Arabia, escalating the regional conflict and directly threatening the Bab el-Mandeb strait. A full closure of the critical waterway, which Iran has reportedly pressed for, would slash global oil supply by an estimated 7%. The move adds to existing supply disruptions from the wider Gulf war, which have already cut global shipments by 10%.