Middle East Market Intelligence Brief: Week Ending July 24, 2026
Yemen's Iran-backed Houthis imposed a naval blockade on Saudi Arabia, opening a new front in the US-Iran war and threatening global energy supplies via the Bab el-Mandeb, a key oil shipping route.
The move, described as retaliation against Saudi Arabia, came as mediators proposed a 10-day ceasefire between Washington and Tehran.
Tensions escalated after the Houthis claimed missile and drone attacks on two Saudi oil tankers in the Red Sea. President Donald Trump vowed to hold Iran responsible for any future Houthi attacks, threatening "major military punishment"
To Read Full Story Login Below.