DUBAI/CAIRO, July 20 - Yemen’s Iran-aligned Houthis said on Monday they were imposing a naval blockade on Saudi Arabia, a move that opens a new front against the United States in its war on Iran and widens the threat to global energy supplies and trade beyond the Gulf.
Iran had pressed the Houthis to close the Bab el-Mandeb gateway to the Red Sea if the U.S. continued to attack Iranian power infrastructure.
They said the decision was in response to what they called “an unjust and oppressive siege” imposed on Yemen by the Saudis.
The full closure of the Bab el-Mandeb strait would reduce global oil supply by 7% as it would leave most of Saudi oil exports unable to leave the region. The disruption would add to the massive cut to global oil flows from the war in the Gulf, which has already reduced shipments by 10% of global supply.
The market manipulators have direct lines to the White House. Last time they mass sold stocks a few days before the ceasefire under a flimsy excuse of “markets being too volitile”.
The reason the stock price is meaningless is that you’re guaranteed to lose by betting on it. And everyone has probably caught on by now, so nobody is buying oil stocks anymore.