Iran war: Chinese tanker passes Red Sea choke point despite Houthi blockade

A pair of Chinese oil tankers exited the Red Sea together on Thursday with apparent permission from Yemen’s Houthi rebels, who claimed attacks against two Saudi ships just hours earlier.

In a matter of days the price of Brent crude has jumped by more than 13%, breaching the $100 a barrel mark on Thursday after Yemen’s Houthi militias took aim at a new target: Saudi oil exports via the Bab al-Mandab strait.

Persian Gulf states are pouring billions of dollars into pipelines, rail and energy storage hubs to bypass the strait.

Yemen’s Iran-aligned Houthi group announced a blockade of Saudi Arabian ports and ships in the Bab al-Mandeb Strait, which connects the Red Sea to the Indian Ocean, earlier this week.