Houthi Red Sea blockade tightens as Saudi relief valve closes

The Houthi campaign in the Red Sea is increasingly constraining oil flows, with the Saudi relief valve—likely spare capacity or alternative routes—being closed. The disruption remains primarily an oil shock rather than a broad trade threat, but the tightening suggests sustained upward pressure on energy prices. Uncertainty persists over the duration of the blockade and the extent of Saudi capacity to offset losses.