On Monday, the Iran-backed Houthi rebels in Yemen announced they would impose a “maritime embargo” on Saudi Arabia, in what could mark a dangerous escalation in the ongoing conflict between the United States and Iran.

The Houthis have indicated they plan to target Saudi Arabian vessels travelling through the Bab el-Mandeb Strait, also known as the “Gate of Tears”, which connects the Red Sea and the Gulf of Aden.

This escalation threatens to have a significant impact – particularly for Saudi Arabian crude oil travelling via the Red Sea, much of which has been recently diverted there to avoid the Strait of Hormuz.

In a statement, Saudi Arabia’s foreign ministry expressed the country’s “strongest condemnation” of the threats, and said it would take “all necessary measures” to protect its ships. It is not clear how effective this approach will be.

And as we’ve seen in the past, threats alone can be enough to disrupt the flow – and cost – of shipping........

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