Houthi blockade threat forces Saudi crude tankers to turn back
EMERGING ASIA
More pressure for oil as Houthi announced naval blockade that forces Saudi crude tankers to turn back. With the traffic in Strait of Hormuz also stopped, the Red Sea chokepoint is getting more important in oil delivery. The disruption, even when not zeroing traffic, could seriously disrupt the remain oil flow from Saudi Arabia. Oil will likely stay supported at the opening bell.