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CryptoWorld News reports that Saudi Arabia is pressing the United States to abandon its blockade of the Strait of Hormuz and return to the negotiating table. Saudi Arabia is concerned that U.S. President Trump’s actions to blockade the strait may prompt Iran to retaliate, which could then close the Strait of Mandeb. The Strait of Mandeb is a key passage in the Red Sea, crucial to Saudi Arabia’s daily oil exports of approximately 7 million barrels. Previously, Iran attacked ships in the Strait of Hormuz, causing an interruption in daily oil exports of about 13 million barrels and driving oil prices to above $100. On Monday, Trump imposed a blockade on Iranian ports. Arab officials said that Iran is pressuring Yemen’s Houthi forces to close the Strait of Mandeb. Saudi energy officials said that Saudi Arabia had previously received commitments from the Houthis not to attack its ships, but the situation still has uncertainties. (WSJ)