Two Days After the Houthi Blockade Announcement, the Red Sea Split in Two

The Houthis declared a naval blockade against Saudi Arabia on July 20, escalating threats across the Red Sea corridor while Iranian forces struck three tankers in the Strait of Hormuz within 48 hours. That ambiguity is doing real work. Within a day, Windward tracked the market splitting into two opposite flows: commercial tonnage pulling back…