Red Sea "alternative route" failure: Houthi rebels announce blockade of Saudi Arabia, global oil prices may face another round of soaring

Chinatimes Finance APP has learned that against the backdrop of ongoing disruptions to global oil supplies caused by the war in Iran, Saudi Arabia has always relied on the Red Sea route as an alternative export channel to the Strait of Hormuz in order to maintain its oil exports. However, the vulnerability of this detour strategy has recently been fully exposed - the threat posed by Iran-backed Houthi fighters in Yemen on Red Sea shipping has escalated again, with attacks on ships near the Strait of Mandeb resuming in early July and a direct announcement on July 20 of an immediate naval blockade on Saudi Arabia.