At the start of the week on Monday, the Houthis announced the imposition of a maritime blockade of Saudi Arabia, Reuters reports. A representative of the group's military wing said the measure takes effect immediately and described it as a naval embargo against Saudi Arabia, but no further details on how it will be implemented were provided.
Markets reacted to the news with a rise in West Texas Intermediate (WTI) crude, which rebounded from intraday lows below $80 and was trading around $81.65 per barrel at the time of writing. This gain partially offset Monday's losses, although the oil price fell 0.48% on the day.
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