Houthi Red Sea Blockade Could Shatter Hopes for Lower Oil Prices

Renewed Houthi blockade of Saudi Red Sea ports threatens up to 4 million bpd of redirected Saudi crude exports, adding fresh supply risks as the Strait of Hormuz remains effectively disrupted The latest reignition of hostilities between the United States and Iran led to a spike in oil prices that, contrary to some observers’ expectations proved to be temporary. After jumping, prices once again moved lower, driven by hope for peace. Yet the recent announcement by Yemen’s Houthis that they would blockade Saudi Arabia’s Red Sea ports…