S&P 5007,533.77▼0.5% Nasdaq25,881.95▼1.5% Dow52,552.97▼0.2% Russell 2K2,974.57▼0.1% 10-Yr4.57%+2bp VIX16.73+1.06 WTI$79.00▼0.8% Gold$3,981.40▼1.6% EUR/USD1.145▼0.2% BTC$65,448▲1.2% Nikkei68,752▲1.5%
At close · Thu, Jul 16, 2026
Daily Market Updates.

Commodities

HomeCommoditiesEnergyHouthis declare naval blockade on Saudi Arabia as Red…

Houthis declare naval blockade on Saudi Arabia as Red Sea risk rises

The move threatens an export route Riyadh uses to bypass Strait of Hormuz disruptions, and a full closure could affect oil shipments equal to about 7% of global supply.

Yemen’s Iran-aligned Houthis declared an immediate naval blockade on Saudi Arabia, according to Reuters, escalating risk at the southern entrance of the Red Sea and targeting an export route Riyadh uses to route around disruptions in the Strait of Hormuz.

The Houthis described the “maritime embargo” as retaliation for what they said was a Saudi siege of Yemen, Reuters reported. Saudi Arabia had not responded to the announcement as of the time of writing, and Iran previously told the Houthis to prepare to close the Bab el-Mandeb Strait if the United States continued attacks on Iranian power infrastructure.

Reuters said a full closure could disrupt oil shipments equivalent to about 7% of global supply, leaving Saudi Arabia exposed because tanker traffic through Hormuz remains sharply reduced. Reuters also cited Reuters-reviewed satellite imagery showing only one ship-to-ship oil transfer outside Hormuz on July 18, down from three a week earlier.

The declaration followed a ninth consecutive night of U.S. attacks on Iran, with Tehran reporting strikes in several cities. Iran’s Revolutionary Guards said they attacked U.S. military assets in Jordan, Kuwait, and Syria, while Kuwait reported another attack on a desalination plant that caused a fire.

More like this

Sources

Get the close, explained.

One email every trading day: what moved, why it moved, and what's on deck tomorrow. Read in 3 minutes.

Free. Unsubscribe anytime.