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Why the Iran-aligned Houthis Threatening Red Sea Shipping Could Mean More for the Oil Market This Time

Yemen's Iran-aligned Houthis announced on Monday they would ban ships linked to Israel from the Red Sea after Israel renewed military attacks on Iran. Unlike previous 2023 attacks when Gulf oil exports flowed freely, Saudi Arabia now diverts more than 70% of its daily crude exports to the Red Sea port of Yanbu. Any sustained Houthi disruption could severely impact global energy markets, with a Houthi source telling Reuters that preventing Israeli ships was "a first step" toward broader measures if escalation continues.