strikeJul 23, 2026

Will the Houthis escalate attacks on the Bab el-Mandeb Strait? | The Jerusalem Post

Summary

The Iranian-backed Houthis have escalated their threats and attacks on Saudi Arabia throughout July, parallel to growing US-Iran tensions. The latest rounds relate to tensions over the Houthi-run Sana’a airport and Iran’s attempts to fly into the airport. Saudi Arabia has opposed the flights. The Houthis then announced a blockade on Saudi shipping transiting the Bab el-Mandeb Strait, which essentially means Iran is blockading the Strait of Hormuz and the key strait to the Red Sea. The Houthis announced, overnight, they had "carried out a ‘qualitative military operation’ targeting two Saudi oil tankers, ‘ENCELIA’ and ‘LAYLA,’ after accusing the vessels of violating a maritime blockade decision in the Red Sea.” These are two vessels that are in the Red Sea according to relatively recent tracking data. The Houthi statement said “the operation was conducted using a number of ballistic and cruise missiles, along with drones, claiming that the attacks achieved “accurate hits” on both vessels and caused fires to break out onboard.” The Houthis say they have forced ten ships trying to transit the strait to turn around. The Houthis say they will continue their blockade. They also say that any Saudi response will be met with major attacks on Saudi Arabia. The Houthis are clearly trying to be relevant. They want to begin to join the conflict to help Iran. This potentially creates a new front in the conflict. The Houthis also congratulated Hamas on its election of a new leader. Are the Houthis miscalculating? Meanwhile, Saudi Arabia’s Arab News has an important piece discussing the Houthis. Arab News's Gabriele Malvisi asked the question of whether or not the Houthis are miscalculating. "Four Saudi crude tankers were forced to turn back on Tuesday after Yemen’s Houthi militia warned that any vessel calling at Saudi ports could be targeted ‘in any location within the operational reach of the Yemeni Armed Forces,’ marking a sharp escalation in their Red Sea campaign,” the report says. The article notes how the Houthis had previously attacked Israeli-linked shipping. This happened after October 7, 2023, when the Houthis backed Hamas. “Riyadh appears increasingly willing to defend its Red Sea lifelines,” the report noted. “This latest escalation against Saudi Arabia is another example of the Houthis relying on military pressure and the threat of wider conflict as a negotiating tactic,” Mohammed Al-Basha, founder of US-based risk consultancy Basha Report, told Arab News. The report mentions that the latest escalation with the Houthis is also linked to the Sana’a International Airport issue. There was an airstrike on the airport to prevent an Iranian plane from landing earlier in July. "The Houthis blamed Saudi Arabia, declared the de-escalation phase over, and responded by firing missiles and drones at Abha International Airport in southwestern Saudi Arabia, in the sharpest rupture of the truce since 2022,” Arab News noted. The Arab News report also quotes former senior CIA intelligence officer Norman Roule. “The US continues to maintain a robust naval force in the region, which is more than capable of working with Saudi partners to ensure the stability and frequent navigation in the Red Sea,” Roule told Arab News. “Fortunately, we have the support of European actors who are maintaining a naval force under the Operation Aspides architecture. They have announced that they will be bringing additional mine-sweeping capacity into the Red Sea, which would be useful,” he noted. Houthis threatening the best alternative to blocked Strait of Hormuz The Houthi threats matter. The Saudis have been investing in moving energy exports via the Red Sea due to the Strait of Hormuz being closed. This means that if the Houthis now try to block this second waterway, it could affect Saudi Arabia, the Gulf countries, and also therefore impact the world’s trade routes and oil and energy supplies. The Arab News analysis says that “reports earlier this month noted that Saudi Arabia was considering expanding its East-West pipeline to the Red Sea coast so it could move more oil without crossing Hormuz. That could make Riyadh more willing to adopt stronger defensive measures, including strikes on Houthi launch sites and maritime assets, than in earlier phases of the Yemen war, when its energy flows were less tied to Bab Al-Mandab.” The Houthis say that their leader Abdulmalik Badreddin al-Houthi has “redefined the comprehensive nature of the conflict with Saudi Arabia, drawing a clearer picture of the equation that will govern the coming phase.” The Houthi media outlet Al-Masirah says that the Houthis are “moving past merely explaining the aggression and blockade and describing their humanitarian and economic impacts; the speech delivered a decisive stance: Yemen will no longer tolerate continued foreign control over its airports, ports, and resources. Any return to full-scale escalation will place vital Saudi interests and facilities directly within Yemen's declared deterrence equation.” The Houthis are saying “blockade for blockade, airport for airport,” suggesting a ladder of escalation with Riyadh. Energy infrastructure appears to be a target the Houthis are considering expanding their attacks to include, Al-Masirah says.

Actors involved

USIsraelIranProxy

Sources

SETH J FRANTZMANBy SETH J FRANTZMAN
The Iranian-backed Houthis have escalated their threats and attacks on Saudi Arabia throughout July, parallel to growing US-Iran tensions. The latest rounds relate to tensions over the Houthi-run Sana’a airport and Iran’s attempts to fly into the airport. Saudi Arabia has opposed…

See this event through different lenses

Compare how Western, Iranian, Israeli, Global South, and Pro-Peace perspectives frame this event.

Compare Perspectives

Community Notes

Loading notes...

Related events

Jul 23, 2026strikeUnverifiedUSIranProxyChina

Dollar Rises on Houthi Tanker Attack and Higher Oil Prices

○ 1 source

The dollar index (DXY00) is up +0.37%. The dollar is finding support from strong US interest rate differentials, as the 10-year T-note yield rose by +5 bp and posted a new 1.5-year high amid today's surge in oil prices of more than +5%. The dollar is also seeing support from today's US unemployment claims report, which showed a slightly stronger US labor market than market expectations.

The dollar is also seeing safe-haven demand after the Iran-backed Houthis launched a missile and drone attack on two Saudi Arabian oil tankers in the Red Sea, expanding the oil disruptions beyond the Strait of Hormuz and threatening oil shipments in the Red Sea.

The Houthis have vowed to blockade shipping linked to Saudi Arabia and warned shipowners against calling at the nation's ports. The move threatens Saudi oil exports from Yanbu, a Red Sea hub that the Saudi's are using to ship crude since the war brought shipping through the Strait of Hormuz to a near halt.

President Trump said Tuesday that if there is a blockade in the Red Sea, the US "will take care of it." Meanwhile, the US and Iran exchanged attacks for the 12th straight day, and the US maintained its blockade of Iranian oil shipments in the Persian Gulf.

Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily. The markets are discounting a 36% probability of a +25 bp rate hike at the next FOMC meeting on July 28-29. EUR/USD (^EURUSD) is down -0.39% on dollar strength.

However, the euro has underlying support as the 10-year German bund yield today edged to a new 15-year high, illustrating the impact of rising oil prices and inflation fears. The ECB today left its key deposit rate unchanged at 2.25%, in line with market expectations.

The ECB said it left rates unchanged, awaiting further data to determine whether additional rate hikes are necessary to address the inflation outlook. However, ECB President Christine Lagarde said, "Risks to the inflation outlook are to the upside." The markets are discounting a 93% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.

USD/JPY (^USDJPY) is up +0.47% on dollar strength. The yen today fell to a new 39-year low against the dollar, raising the risk of intervention in currency markets to support the yen. Japanese authorities have intervened in the forex market several times in the past when the yen surpassed 160 yen/USD, as it did today.

The markets are discounting a +1% chance of a +25 bp BOJ rate hike at the next policy meeting on July 31. August COMEX gold (GCQ26) is down -92.9 (-2.24%), and September COMEX silver (SIU26) is down -2.088 (-3.46%). Gold and silver prices are sharply lower amid today's stronger dollar and rising US and European bond yields.

However, precious metals prices have underlying support from safe-haven demand after the Iran-backed Houthis attacked two Saudi Arabian oil tankers, spreading the Iran conflict to the Red Sea and threatening additional disruptions to global oil transportation.

Recent fund liquidation of precious metals is bearish for prices, as long holdings in gold ETFs fell to a 9.75-month low on Monday, after reaching a 3.5-year high on February 27. Also, long holdings in silver ETFs fell to a 1-year low last Tuesday from the 3.

5-year high posted on December 23. Strong central bank demand for gold is supportive of gold prices, following news that bullion held in China's PBOC reserves rose by +480,000 ounces to 75.44 million troy ounces in June, the twentieth consecutive month the PBOC boosted its gold reserves.

On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Barchart

Jul 23, 2026strikeUnverifiedUSIranProxy

Brent Crude Tops US$100 After Red Sea Attacks

○ 1 source

Brent Crude Tops US$100 After Red Sea Attacks Markets Key Facts —The level. Brent crude rose above US$100 a barrel, its first time since May, up about 40% this month. —The trigger. Houthi missile and drone attacks on Saudi oil tankers in the Red Sea, enforcing a declared blockade of Saudi ports.

—The wider risk. Shipping through the Strait of Hormuz has slowed sharply, deepening supply fears. —The politics. The US said it would hold Iran responsible for further attacks; Iran warned it would retaliate. —The forecast. Analysts see room for more gains; Goldman Sachs projects Brent above US$120 by the fourth quarter if disruptions persist.

Oil is back in triple digits. Brent crude topped US$100 a barrel for the first time since May after attacks on shipping in the Red Sea, a jump with real consequences for Latin America’s oil exporters and importers alike. After months in the doldrums, oil prices have surged.

Brent crude climbed past US$100 a barrel, a level not seen since May, capping a rally of roughly 40% in July. The spark was violence at sea. What Happened Yemen’s Houthis fired missiles and drones at Saudi oil tankers in the Red Sea to enforce a blockade of Saudi ports, with at least one tanker attacked and several diverting course.

The trouble compounded a near-halt in shipping through the Strait of Hormuz, the chokepoint for a large share of the world’s oil, sending traders scrambling to price in the risk. The Escalation Risk President Donald Trump said the United States would hold Iran responsible for further Houthi attacks and warned of strikes on Iranian infrastructure; Iran said it would retaliate against US-linked assets in the region.

Analysts warn prices could rise further if the conflict widens, with Goldman Sachs projecting Brent above US$120 a barrel by the fourth quarter should supply disruptions continue. Live Market IntelligenceCommodities — Live Market Board Rio Times · Live Market Intelligence Commodities — Live Market Board +7.

05% |Instrument||Last||Change||YoY||Prev.||High||Low||Volume| |GOLD||4,054||-2.25%||+19.43%||4,147||4,144||4,043||130,481| |SILVER||58.02||-3.34%||+47.70%||60.02||60.36||57.32||29,261| |BRENT||100.70||+7.05%||+46.99%||94.07||87.22||85.01||38,512| |WTI||92.

46||+6.48%||+41.70%||86.83||92.82||87.32||287,920| |COPPER||6.34||-1.71%||+9.42%||6.45||6.54||6.33||31,416| |LITHIUM||69.28||+0.41%||+59.37%||69.00||69.68||68.65||90,092| |IRON ORE||161.91||—||+64.76%||161.91||161.91||1| |SOY||1,244||+0.91%||+23.71%||1,233||1,249||1,236||105,716| |CORN||487.

25||+5.47%||+22.27%||462.00||489.50||483.00||155,223| |WHEAT||700.00||-0.81%||+29.51%||705.75||710.25||693.00||58,614| |COFFEE||308.90||-2.45%||+2.51%||316.65||321.30||308.25||11,172| |SUGAR||14.67||-0.47%||-9.67%||14.74||14.90||14.66||36,829| |COCOA||5,308||-0.

38%||-37.11%||5,328||5,411||5,165||12,463| |ORANGE JUICE||145.05||-3.49%||-56.90%||150.30||148.80||144.10||241| |COTTON||81.53||+2.08%||+22.38%||79.87||81.75||79.75||15,710| |BEEF||220.70||-1.12%||-2.79%||223.20||221.90||217.38||14,536| |CATTLE||339.

48||-0.50%||+2.40%||341.17||340.50||333.00||7,417| |USD/BRL||5.08||+0.56%||-8.65%||5.05||5.09||5.04||—| 100.70 +7.05% 92.46 +6.48% 487.25 +5.47% 145.05 -3.49% 58.02 -3.34% 308.90 -2.45% 4,054 -2.25% 81.53 +2.08% What It Means for Latin America For the region’s oil exporters, higher prices are a windfall.

Brazil, Guyana, Colombia, Ecuador and Venezuela all earn more for every barrel they sell abroad. For importers, the math runs the other way: pricier crude feeds into fuel and freight costs across Central America, the Caribbean and beyond, adding to inflation pressures.

Why It Matters Oil at US$100 reshapes trade balances and budgets across Latin America in opposite directions, rewarding producers and squeezing consumers. How long the spike lasts will depend less on the region than on what happens next in the Red Sea and the Gulf.

Frequently Asked Questions Why did Brent crude rise above US$100? Prices jumped after Houthi missile and drone attacks on Saudi oil tankers in the Red Sea, compounded by a sharp slowdown in shipping through the Strait of Hormuz, raising fears over global oil supply.

How high could oil go? Analysts say prices could climb further if the conflict continues. Goldman Sachs projects Brent above US$120 a barrel by the fourth quarter if supply disruptions persist. How does US$100 oil affect Latin America? It benefits exporters like Brazil, Guyana, Colombia, Ecuador and Venezuela, which earn more per barrel, while raising fuel and freight costs for importers across Central America and the Caribbean.

Sources - The National – Oil hits $100 for the first time since May after Houthi attacks on Saudi ships - OilPrice – Brent Tops $100 as Houthi Attacks Push Oil Rally Into Triple Digits Connected Coverage - Spain’s Repsol Bets on Venezuela Oil, Parks $5.

4Bn Debt - Batista Brothers Expand Venezuela Oil Bet With PDVSA Stake - Brent Punches $111 After Trump Aims Arrows at Tehran on Truth Social Sources: Goldman Sachs.

Matias Sebastian Lopez

Jul 23, 2026strikeUnverifiedUSIsraelIranProxy

The missing half of mediation

○ 1 source

A memorandum of understanding between the United States and Iran was signed on June 17, extending a ceasefire after weeks of military confrontation and including provisions to reopen negotiations. Shipping data showed roughly 340 commercial vessels transiting the Strait of Hormuz in the week of 22–28 June, with reported increases in oil flows and Iranian exports under a temporary sanctions waiver.

Within weeks, vessel traffic reportedly declined again as military exchanges resumed and mediators sought an additional truce to support the original agreement.

Location: Tehran

Sultan Barakat

Jul 23, 2026strikeUnverifiedUSIsraelIranProxyRussiaChina

How the Bab al-Mandab blockade threat helped push oil back above $100

○ 1 source

Brent crude oil prices rose more than 13% this week, exceeding $100 per barrel after reports that Yemen’s Houthi forces warned shipping companies against using Saudi ports and threatened targets in the Bab al-Mandab strait. The increase followed earlier declines linked to reduced traffic through the Strait of Hormuz amid an apparent breakdown in the US-Iran ceasefire.

Analysts have stated that further disruptions to Red Sea routes could affect remaining Gulf export pathways, though the extent of any sustained price impact remains unconfirmed.

Location: Bab-el-Mandeb

Jillian Ambrose