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Houthis Ban Israeli Ships, Oil Prices Surge 5%

6/12/2026

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Summary

Story summary

On June 8 2026 the Iran-backed Houthis announced a total ban on Israeli vessels in the Red Sea, declaring them legitimate military targets.
The ban follows the February 28 2026 closure of the Strait of Hormuz, which pushed Saudi Arabia to send more than 70 percent of its crude through Yanbu port.
Brent crude rose about 4.8 percent and U.S. West Texas Intermediate climbed 4.5 percent, reflecting market fears of further energy-supply disruptions.

History

Historical Context

After OAPEC’s October 1973 oil embargo—led by Saudi King Faisal—crude jumped from $3 to $12 a barrel, a 300 % surge that forced Western nations to reroute shipments. Echoing that shock, the Houthis barred Israeli ships in the Red Sea on 8 June 2026, prompting Saudi Arabia to divert about 70 % of its crude through Yanbu, reshaping regional energy flows.

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Story summary

On June 8 2026 the Iran-backed Houthis announced a total ban on Israeli vessels in the Red Sea, declaring them legitimate military targets.
The ban follows the February 28 2026 closure of the Strait of Hormuz, which pushed Saudi Arabia to send more than 70 percent of its crude through Yanbu port.
Brent crude rose about 4.8 percent and U.S. West Texas Intermediate climbed 4.5 percent, reflecting market fears of further energy-supply disruptions.

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