Saudi Arabia's last major oil route comes under Houthi pressure

Saudi Arabia's last major oil route has come under attack from the Houthi group, according to reports on Wednesday. The Iran-aligned Yemeni militia claimed responsibility for firing ballistic missiles at the Saudi oil tanker NCC Wafaa, situated off the coast of Yanbu, a key port city in the northern Red Sea. This marks the northernmost strike by the Houthi group since they initiated a blockade on Saudi Arabia on July 22.

Analysts warn that a shift in the Houthis' operations northwards towards Egypt and the Suez Canal could exacerbate economic pressure on the Gulf kingdom. Previously, the Houthis had primarily targeted ships off Yemen's coast, in the southern Red Sea, and the Gulf of Aden. The group blamed the Wafaa for breaching the blockade and disregarding warning calls prior to the attack.

Prior to the US-Israel conflict with Iran, Saudi Arabia had maintained a portion of its oil flow through the alternative path of Bab al-Mandab. However, the Houthi blockade on the strait is now restricting this alternative option.