The Houthis of Yemen, an allied organisation of Iran’s Revolutionary Guards, announced yesterday that they will impose a naval blockade on Saudi Arabia at the Bab el-Mandeb Strait, which connects the Red Sea with the Gulf of Aden.
Following the Houthi announcement, the Saudi-led coalition in Yemen stated that it would respond with force and had begun implementing protective measures for its vessels transiting the Bab el-Mandeb Strait, a key export route for Saudi oil after the effective closure of the Strait of Hormuz.
Meanwhile, according to Reuters, Iran has received through mediators a proposal for a ten-day ceasefire.
The Houthis made their announcement despite indications that Tehran and Washington are seeking to resume diplomatic efforts to halt the latest cycle of U.S. attacks on Iran and Iran’s retaliatory strikes against targets in the Gulf states.
The passage is of strategic importance to Saudi Arabia, a U.S. ally and the world’s largest exporter of crude oil, as it had been using it to bypass the Strait of Hormuz following its blockade.
Oil prices rose temporarily after the Houthi announcement but later retreated as investors maintained hopes for diplomatic progress.
Source: Reuters
