Houthi Blockade of Saudi Ports Closes Last Oil Export Workaround as Prices Top $90

Houthi forces announced a blockade of Saudi ports on July 20, responding to Riyadh's targeting of Sana'a airport. Saudi Arabia had relied on the Red Sea route to export oil, circumventing Iran's closure of the Strait of Hormuz, which normally carries a fifth of global supply. With both chokepoints now blocked, oil prices exceeded $90 a barrel.