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Iran-backed Houthi militants have announced plans to block the Red Sea, a critical oil shipping route, threatening to disrupt global energy supplies. Since the onset of the Iran war, Saudi Arabia has significantly increased oil shipments through the Red Sea, making it a vital alternative route. The Houthi threat raises the risk of supply bottlenecks and potential price spikes, as the Red Sea handles a substantial portion of global crude transit. Traders are closely monitoring the situation, as any disruption could tighten market conditions and increase volatility in intraday trading. The geopolitical tension adds a layer of uncertainty to an already sensitive energy market.
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