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Houthi Blockade Hits Saudi Shipping, Oil, Insurance Costs

7/22/2026

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Summary

Story summary

Houthi militants announced a blockade of Saudi Arabia, calling it “an eye for an eye” and saying it starts now.
Saudi Arabia’s foreign ministry condemned the blockade and pledged measures to protect its ships.
Reuters warned closing Bab al-Mandeb could cut oil supply by 7 percent and a Hormuz shutdown would block 25 percent.
Insurance premiums for Red Sea voyages rose to about 0.75 percent of a ship’s value, up from 0.3 percent.

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Story summary

Houthi militants announced a blockade of Saudi Arabia, calling it “an eye for an eye” and saying it starts now.
Saudi Arabia’s foreign ministry condemned the blockade and pledged measures to protect its ships.
Reuters warned closing Bab al-Mandeb could cut oil supply by 7 percent and a Hormuz shutdown would block 25 percent.
Insurance premiums for Red Sea voyages rose to about 0.75 percent of a ship’s value, up from 0.3 percent.