Threats against Saudi Arabia's oil exports from its West Coast by Yemen-based Houthis risk a significant intensification of the unprecedented supply crisis facing global markets due to the monthslong near-closure of the Strait of Hormuz. In 2023-24, the Houthis' campaign against Saudi oil in the Red Sea prompted a swift and dramatic decline in shipping traffic in the region; preliminary data indicates a similar trend unfolding today. 21 — after the Iran-allied Houthis announced their "maritime embargo" on Saudi ships — and Jul. 29, only three Saudi crude cargoes, comprising a total of 3.6 million barrels, crossed Bab al-Mandeb, according to data from ship tracker Kpler. That's down from an average of around 15 cargoes per week prior to the latest escalation of Houthi-Saudi tensions in the Red Sea.