Houthi Blockade Halves Saudi Crude Loadings, Exposing Red Sea Route Built to Bypass Hormuz

Houthi forces shut down the Bab al-Mandeb strait and announced a blockade of Saudi ports in July 2026. Saudi crude loadings fell roughly in half, per Kpler analysis. At least four tankers reversed course before reaching the strait. The attacks hit a corridor Riyadh had built up since March to bypass the Strait of Hormuz — now both exits are under threat.