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Iran Says Four Oil Tankers Destroyed by Mines Near Strait of Hormuz

Growing calls among Iranian officials…

The Hormuz crisis is tightening…

The leading economics blog online covering financial issues, geopolitics and trading.

Fresh reporting in Middle East regional outlets suggests a major escalation in Houthi attacks on Saudi Arabia. While drones and missiles have been launched on Saudi territory almost daily since September, a new report says that Houthi militants are actually conducting ground force incursions.

In a development that's been largely unreported, "The Houthis have launched multiple cross-border raids into Saudi Arabia in recent months, in an expansion of the conflict beyond Yemen, a Western and Arab official with direct knowledge of the raids told Middle East Eye."

"The small-scale raids have targeted border posts in Saudi Arabia’s rugged, mountainous southwest," the report continues, citing that at least one of the raids occurred as recently as the end of October.

The Houthis further "appear to have captured specific small arms that are known only to be used by Saudi border security forces" – the report adds.

Surveillance equipment also appears to have been captured, observers say. This adds to the equipment already captured from the ground forces of the Saudi-backed government in Yemen, which is based out of Aden.

Throughout the start of this week, Saudi authorities have continued to announce inbound interceptions of drones and at times missiles fired from Yemen.

In the meantime, standard and high-profile events hosted in the kingdom continue getting canceled, due to spillover from Yemen and the ever-present Houthi aerial attack threat.

"The Asian Football Confederation postponed its flagship international tournament in Saudi Arabia until late 2027, with the Houthi militant attacks testing the kingdom’s ambitions to become a destination for major international events," Bloomberg reports Tuesday. 

According to more via Bloomberg:

The decision to postpone the AFC Asian Cup — one of the most prominent international football competitions set to be hosted by Saudi Arabia to date — follows “exceptional circumstances arising from developments in the region,” the AFC said in a statement on Tuesday. It cited “substantial logistical complexities and travel disruptions.”

Already dozens of major international events which were supposed to take place in September, and October and November have been suspended or else postponed. The war is likely to cost Saudi Arabia billions in losses, including given the attacks on Aramco facilities.

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Source: Oilprice