Saudi Arabia reported the interception of six ballistic missiles fired by Iranian-backed Houthis. These missiles were targeted at the regions of Taif in western Saudi Arabia and Yanbu located on the shores of the Red Sea. These attacks led to an increase in oil prices to the highest level in the past week and heightened concerns about potential disruptions in oil supply.
Details of the Houthi Attacks
The Houthis announced that the target of these attacks was “a sensitive target” in the capital Riyadh and the facilities of Aramco in Tanbuwi. In response to these attacks, oil prices rose by nearly 3 percent, although fluctuations in the market caused prices to decrease from daily peaks.
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Security and Economic Implications
These attacks pose a serious threat to Saudi Arabia's ability to export oil through the Red Sea, especially as the Strait of Hormuz faces disruptions and the country's East-West pipeline has recently been restarted after drone attacks earlier this month. The Houthis announced in July that they have established a maritime blockade on Saudi Arabia, which is recognized as a new front in the U.S.-Iran war.
Officials from the internationally recognized Yemeni government called on global leaders on Thursday to assist in countering these militants, stating that the Houthis' new position in one of the busiest maritime routes in the world poses a threat to the international economy.
While the Houthis claim that their blockade only includes Saudi vessels and that there is no threat to commercial shipping in the Red Sea, they have warned against involvement from other countries. However, Abdullah Abdulqader Al-Alimi, the Deputy President of the Yemeni Presidential Council, urged global leaders at the United Nations General Assembly not to trust the Houthis' promises and to consider the larger dimensions of the crisis.
He stated: “Using navigational safety as a tool for extortion endangers not only Yemen but the entire global economy.” He also called on the international community to prevent the entry of weapons and technology into the hands of the insurgents.
Saudi-backed forces also managed to repel Houthi nighttime attacks on a vital supply route towards the Yemeni city of Taiz. The Houthis have maintained pressure on a steep mountain pass known as Hajat al-Abd, which is a critical route for government forces and the only way for goods and residents to reach Taiz and travel abroad.
Read more: France is drafting a new resolution for the UN Security Council regarding the Strait of Hormuz · Saudi Arabia resumes operations of the East-West pipeline
