The maritime industry is facing a new challenge as Houthi threats give oil markets a 'two chokepoint problem'. The Bab el-Mandeb Strait, a narrow channel in the southern end of the Red Sea, has become a critical route for oil exports since the beginning of the US-Israeli war with Iran.
Ships are continuing to turn away from the strait, following Yemen's Iran-backed Houthi rebels' announcement of an embargo on Saudi exports through the area. This development has added to the existing tensions in the region, which have already been exacerbated by the ongoing conflict in the Middle East. The impact on global oil markets is expected to be significant, as the Bab el-Mandeb Strait is a crucial route for oil exports from the Middle East.