Saudi Arabia Halts Red Sea Oil Shipments After Houthi Attacks

Saudi Arabia is temporarily halting all oil shipments going through an important Red Sea waterway, accusing Iran-allied rebels of attacking two crude tankers on Wednesday.

Stopping crude shipments through the Bab el-Mandeb strait—which connects the Red Sea to the Gulf of Aden—marks another escalation in the war between an Arab military coalition and Houthi rebels for control of Yemen. Saudi Arabia is attempting to ramp up oil exports amid an effort to keep the world well-supplied with oil as the U.S. squeezes Riyadh’s rival, Iran, with new sanctions that could reduce its oil exports.

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Source: The Wall Street Journal