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The Houthi group in Yemen imposed a maritime blockade on Saudi Arabia, citing the "siege" imposed by Riyadh as the reason. This threatens the maritime routes through the Bab el-Mandeb Strait and increases the risks to oil supplies in the region. The threat has led to a rise in global oil prices, with Brent crude reaching $89.22 per barrel, and there are expectations that a complete closure of the strait could reduce oil supplies by 7%. Additionally, the continuation of the blockade could lead to changes in shipping routes, forcing Saudi oil tankers to take longer routes, which would raise transportation costs and impact the global oil market.
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