Home›Commodities›Energy›Houthis announce maritime embargo against Saudi Arabia

Houthis announce maritime embargo against Saudi Arabia

WTI oil rebounded from earlier losses, trading around $81.35 after the announcement, though it was still down 0.48% for the day.

Reported · Written up by our desk · Energy

Yemen’s Houthis announced a naval blockade against Saudi Arabia that takes effect immediately, describing it as a maritime embargo, according to a Reuters statement carried by FXStreet.

The group’s military spokesperson did not provide further details on how the embargo would be enforced.

After the news, West Texas Intermediate crude rebounded from daily lows below $80 and was quoted around $81.35 at the time of writing, but it remained down 0.48% on the day.

FXStreet also noted that oil prices are driven by supply and demand factors, including political instability and sanctions, and that WTI trades in US dollars, so moves in the US dollar can affect pricing.

Latest closeWTI crude $79.00 ▼0.8%

More like this

Sources