Saudi Arabia launched airstrikes against Houthi-controlled positions in Yemen's Hodeidah governorate on July 24, 2026, ending years of relative calm and sending shockwaves through global energy markets. The strikes came in direct retaliation for Houthi attacks on two Saudi oil tankers, the Encelia and the Layla, in the Red Sea just days earlier on July 22-23. Brent crude surged past $100 per barrel almost immediately. The Houthis, the Iran-backed militant group that has controlled large swaths of Yemen since 2014, claimed responsibility for targeting both Saudi tankers. One civilian woman was reportedly injured during the strikes on Kamaran Island. The Houthis have also announced a maritime embargo on Saudi Arabia, which could force Saudi exports to reroute or operate under military escort. ## Oil Market Impact Saudi oil export capacity sits at roughly 5 million barrels per day, and any meaningful disruption to that flow ripples across every energy-dependent economy on the planet. Earlier strikes in April targeting Saudi energy facilities already knocked out approximately 600,000 barrels per day of production capacity. A prolonged stay of Brent crude above $100 could rewrite inflation forecasts for the second half of 2026. ## Global Implications The Yemen civil war has been grinding since 2014, with Saudi Arabia leading a coalition against the Houthis since 2015. Iran's support for the Houthis, through weapons, training, and strategic guidance, has turned Yemen into one of several proxy battlegrounds between Riyadh and Tehran. The collapse of the fragile truce in Yemen is rattling global oil markets and threatening millions of barrels per day of export capacity
Based on reporting from cryptobriefing.com.