Brent Climbs to $94 as Houthis Target Israeli Vessels in Red Sea

The Middle East's largest remaining oil export corridor came under renewed pressure on Monday after Yemen's Houthis announced a complete ban on Israeli shipping in the Red Sea, risking a further widening of the shipping crisis beyond the Strait of Hormuz.

The announcement comes as the Red Sea has assumed a far larger role in global oil trade following months of disruption around the Strait of Hormuz.

Saudi Arabia has increasingly relied on its East-West Pipeline system and the Red Sea export terminal at Yanbu to move crude to international markets,…