AGP Executive Report
Last update: 5 hours agoRed Sea Shipping Security: Saudi Arabia has launched a multinational maritime defence alliance to protect the Bab el-Mandeb Strait, the Red Sea and the Gulf of Aden, after Houthi threats and attacks disrupted tanker routes. A Riyadh meeting of chiefs of staff from 43 countries plus the EU led to a joint statement backing the plan by 14 founding members, including Djibouti, Pakistan, Turkey, Egypt, Somalia, Sudan, Bangladesh and Yemen; Saudi Arabia will host the permanent headquarters and key command centers. Djibouti’s Position: Djibouti also rejected any unilateral transit taxes or fees on ships using Bab el-Mandeb, warning it would violate international law and endanger a vital global trade artery. Oil Market Pulse: Oil prices slipped on Friday but stayed on track for roughly a 20% monthly gain as increased flows through key chokepoints eased supply fears, even as Middle East tensions continued. Escalation Risk: Houthi leader Abdul-Malik al-Houthi warned of “full escalation” in response to Saudi moves, keeping the risk high for shipping and regional industry.
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