BREAKING: Yemen's Houthis officially announce a naval blockade on Saudi Arabia, banning all Saudi mari...

BREAKING: Yemen's Houthis officially announce a naval blockade on Saudi Arabia, banning all Saudi maritime traffic through the Bab el-Mandeb Strait and Red Sea. Saudi Arabia exports 4.5 million barrels of crude oil per day through the Bab el-Mandeb. Combined with Iran's full Hormuz sovereign control, Saudi can neither export through Hormuz, nor through the Bab el-Mandeb Strait, effectively cutting off all Saudi oil exports as every tanker leaving Saudi ports becomes a target. A senior Houthi official says it is "unacceptable" for Saudi Arabia to continue exporting oil through the Red Sea while Yemen remains under blockade.