This morning, the Houthi rebels in Yemen announced "a complete ban on the transit of Israeli ships or of ships associated with Israel in the Red Sea." The announcement states that "such ships will be considered military targets by the armed forces from the time of the publication of the announcement." The Houthis also stated that they would "proceed from escalation to escalation", presumably a threat to close the Bab el-Mandeb Straits, the southern entrance to the Red Sea, if they are attacked.

Several large international shipping lines that in recent months had started to return to the Red Sea and Suez Canal route have instructed their ships in the area to delay their approach to the Red Sea and to await further instructions.

It is not yet clear whether the targets include ships that are not Israeli but that are due to visit Israeli ports, as in the past. The assessment in the shipping industry is that if the war expands to the Red Sea and the Bab el-Mandeb Straits, it will be a further blow to the transport of oil and gas from the Gulf states. Since the beginning of the war with Iran, Saudi Arabia has transferred a large portion of its oil exports from the Strait of Hormuz to the port of Yanbu on the Red Sea.

Meanwhile, oil prices are rising sharply. The price of WTI crude is currently up 4.5%, and that of Brent crude is up 4.84%.

Published by Globes, Israel business news - en.globes.co.il - on June 8, 2026.

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