- Nine executives and two vessels were targeted.
- Sanctions in retaliation for earlier U.S. measures.
- Analyst warns targeting could violate the ceasefire agreement.
On Tuesday, Yemen’s Houthis made headlines by announcing sanctions against major U.S. oil companies, including ExxonMobil and Chevron, along with nine executives and two vessels. This decision stems from the Humanitarian Operations Coordination Centre (HOCC), a group linked to the Iran-backed militia that was set up last year to facilitate communication between Houthi forces and commercial shipping operators. These sanctions appear to be a response to U.S. sanctions placed on the Houthis earlier this year, despite a truce agreement made with the Trump administration, where the Houthis had pledged to refrain from attacking U.S.-linked ships in the Red Sea and Gulf of Aden. While Exxon chose not to comment, Chevron has yet to respond, reports Reuters.
Expert Analysis on Sanctions
“It remains unclear whether these sanctions signal that the Houthis will begin targeting vessels linked to the sanctioned organisations, companies, and individuals — a move that would risk violating the ceasefire agreement with the Trump administration, facilitated by Oman,” independent Middle East analyst Mohammed Albasha said in a LinkedIn post on Tuesday.
Since 2023, the Houthis have launched multiple assaults on vessels in the Red Sea that they consider linked to Israel, citing solidarity with Palestinians amid Israel’s war on Gaza.
Impact on Oil Traffic
Even with these recent attacks, the crucial oil tanker traffic flowing through the Strait of Hormuz, which connects the Persian Gulf to the Gulf of Oman and the Arabian Sea, has remained largely uninterrupted, according to the U.S. Energy Information Administration (EIA). The Houthis have occasionally targeted vessels in the Gulf of Aden, which links the Red Sea and Arabian Sea. Just on Monday, they claimed responsibility for launching a cruise missile at a Dutch cargo ship in the Gulf of Aden, injuring two crew members and leaving the ship on fire and adrift.
U.S. Crude Imports and Market Outlook
Last year, the U.S. imported about 500,000 barrels per day of crude and condensate from Gulf countries via the Strait of Hormuz, which accounted for roughly 7% of total U.S. imports, the lowest figure in nearly four decades, largely due to increased domestic and Canadian production.
Albasha, founder of U.S.-based Risk Advisory Basha Report, told Reuters: “This looks like a media stunt, a way to save face and reassure their people in light of mounting U.S. sanctions and Israeli strikes that have been hurting their economy.” He added that the move is unlikely to affect the oil market, as most regional trade is handled by Chinese, Russian, Iranian, and other Gulf companies that the Houthis aim to keep on good terms with.
Houthis’ Stated Goal
The HOCC statement included: “The ultimate goal of the sanctions is not punishment in itself, but to bring about positive behavioral change.”
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Source: Reuters
