• Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman held a phone call, Russian state news agency RIA reported, as Houthi attacks intensify in the Red Sea and cross-border strikes pressure Saudi Arabia.

  • The call comes as crude prices hover above $100 per barrel and U.S. retail diesel hits a record just below $6.40 per gallon, according to Reuters (TRI).

  • Both leaders are key players in OPEC+, and any coordination on oil supply or regional security is closely watched by energy markets.

A Call Amid Escalation

Russian President Vladimir Putin spoke by phone with Saudi Crown Prince Mohammed bin Salman, according to Russia’s RIA news agency, a conversation that appears primarily tied to the fast-worsening regional security crisis—particularly the Saudi-Houthi confrontation and risks to Red Sea and Gulf energy shipping—rather than to any corporate development. Public reporting on the specific call remains limited: RIA confirmed it occurred, but no detailed, independently corroborated readout of agreements or commitments was immediately available. The most defensible interpretation is that the leaders discussed regional stability, security, and likely energy-market implications.

The call comes as Yemen’s Iran-aligned Houthis have expanded their control along Yemen’s Red Sea coast and as Saudi-Houthi cross-border strikes have intensified. Reuters reported that the escalation has created new concerns for oil supplies because both the Red Sea export route and traffic through the Strait of Hormuz are under pressure. Saudi civil defense recently issued, then lifted, danger alerts in multiple Saudi locations—including Jeddah, Taif, Khamis Mushait, and Al Ula—amid increased Houthi attacks.

For Moscow, direct contact with MBS reinforces Russia’s profile as a diplomatic interlocutor with major Gulf powers. For Riyadh, speaking with Putin can be a way to diversify diplomatic channels amid frustration over the limits of U.S. military support. Washington has reportedly declined Saudi requests for direct military involvement against the Houthis. At the same time, U.S. officials met Houthi representatives in Oman, facilitated by Oman, in an apparent effort to contain risks to U.S. vessels and regional shipping. The United States has designated the Houthis a foreign terrorist organization since March 2025.

Oil Market Implications

Russia and Saudi Arabia are the two most influential producers within the OPEC+ framework. Any coordination or shared assessment during a supply-security shock is closely watched by oil markets. Crude remained above $100 per barrel after hitting its highest level since May, while U.S. retail diesel reached a record just below $6.40 per gallon amid the wider conflict, according to Reuters.

The Bab el-Mandeb/Red Sea route is a major corridor for trade and energy cargoes. Houthi advances have put an alternative export route for Gulf oil at risk while Hormuz traffic is already constrained. Prolonged attacks threaten infrastructure confidence, shipping, insurance and tourism/investment sentiment—important for Saudi Arabia’s diversification plans—although the immediate issue is security rather than a reported change in economic policy. Higher oil prices generally support Russian export revenues, but Russia also has an interest in stable, coordinated oil management and in maintaining its strategic relationship with Riyadh.

Russia and Saudi Arabia have developed a pragmatic relationship despite their different alignments: Riyadh remains a major U.S. security partner, while Moscow is a leading oil producer and geopolitical actor with ties across the Middle East. Their common interest in OPEC+ production coordination gives top-level communication particular weight during supply disruptions.

Humanitarian Toll and Market Risks

The human costs are already substantial. Saudi authorities reported a Yemeni resident killed by debris from an intercepted drone over Taif and previously said more than 80 people had been wounded in the recent attacks. The International Organization for Migration said the new fighting had displaced more than 100,000 Yemenis, mostly within Yemen. Some civilians have fled by boat across the Bab el-Mandeb to Djibouti.

For Saudi residents, recurring alerts and drone or missile threats raise anxiety and create pressure on the government to demonstrate a credible defensive and diplomatic response. For Yemenis, renewed fighting risks further displacement, disrupted food and fuel access, and danger to civilians already living through a prolonged humanitarian crisis. For consumers globally, energy and shipping disruption can translate into higher fuel, freight, food, and goods prices.

Riyadh and Moscow have repeatedly used leader-level diplomacy to manage oil-market questions through OPEC+ and to discuss Middle Eastern conflicts. Yemen’s war has repeatedly exposed Saudi territory and Red Sea trade to Houthi missile, drone, and maritime threats. Near term, the most likely consequence is intensified diplomacy alongside continued security risk. Markets will monitor whether Moscow and Riyadh signal anything concrete on oil supply policy, shipping protection, or de-escalation. No such outcome has yet been publicly confirmed.

Correction: An earlier version of this article misstated the date the U.S. designated the Houthis as a foreign terrorist organization. It was March 2025, not March 2024.