Recent developments in the Red Sea have heightened concerns over global oil supplies as Yemen’s Iran-backed Houthis have claimed attacks on Saudi oil tankers and declared a maritime blockade targeting Saudi shipping routes. Following Houthi threats, several tankers carrying Saudi crude have made sharp U-turns to avoid the area. The Houthis have deployed missiles and drones to enforce their blockade, leading to fears of significant economic disruptions. In response, U.S. officials, including former President Trump, have warned of a military response to protect shipping lanes. The situation poses a significant risk to oil markets, with prices already experiencing fluctuations amid the escalating conflict.