Saudi Arabia announces maritime defence alliance to protect Red Sea
Saudi Arabia and 13 other countries announced the creation of an international coalition to safeguard freedom of navigation through the Bab al-Mandeb Strait, the Red Sea and the Gulf of Aden, Reuters reported on Thursday.
Saudi Arabia’s Ministry of Defence said that the Multinational Maritime Defense Alliance was established as a framework to strengthen collective maritime defence cooperation.
The move came as the US-Iran conflict has become focused on the Strait of Hormuz. The virtual closure of the route, which formerly carried about 20% of global oil and gas exports, is weighing heavily on the global economy.
Market reaction
At the time of writing, the West Texas Intermediate (WTI) is down 1.20% on the day at $82.60.
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