Eng
On 20 July, the Ansar Allah movement (Houthis) announced the imposition of a maritime embargo against Saudi Arabia. It remains unclear, however, whether the Houthis will limit themselves to threats against shipping off the coast of Yemen and in the Bab el-Mandeb Strait, or whether they will attempt to extend their pressure across the entire Red Sea.
Following the blockade of the Strait of Hormuz, the Red Sea has become the main alternative route for oil and container traffic in the foreign trade of the Gulf states. According to data from FDI Intelligence and Vizion, the volume of container traffic through the port of Jeddah rose by 91 per cent in April compared with February – from 85,000 to 162,000 TEU. The redirection of trade to Red Sea ports has helped to partially offset the losses caused by the crisis in the Persian Gulf.
The embargo announced by the Houthis threatens not only Saudi oil exports but also the revived container flows through Jeddah and other Red Sea ports. Should the threats spread to the entire Red Sea basin, the region could lose its last major alternative corridor, which has significantly mitigated the impact of the blockade of the Strait of Hormuz.