The Houthi rebels are following in the footsteps of their ally Tehran by closing Bab al-Mandab whenever pressure on them increases, disrupting global trade, causing oil prices to rise, and making poor countries pay the price. After the closure of Hormuz, Saudi Arabia had been transporting oil through an overland pipeline from the Abqaiq port overlooking the Gulf to Yanbu port, with an estimated capacity ranging between four and five million barrels per day, providing an important alternative to compensate for the closure of Hormuz. Now, the Houthis have announced a blockade of Saudi ports. This step has led to a decline in tanker traffic between the Red Sea and Asian markets through the Gulf of Aden and the Indian Ocean. The Suez Canal alone is not enough to cover the shortage.
