Saudi Arabia has announced the establishment of a multinational maritime defense coalition backed by 14 countries to protect vital shipping routes in the Red Sea as Houthi attacks intensify. The coalition aims to enhance maritime security and deter threats posed by Iran-backed Houthis, who have recently claimed attacks on Saudi oil tankers and are contemplating fees for vessels transiting through critical waterways. In response to these developments, oil prices have seen fluctuations, with prices falling after the announcement of the coalition. Regional leaders are convening to discuss strategies to counter the escalating Houthi threat, as concerns grow over the potential disruption of maritime trade in the region.