It’s Not Just Hormuz. Red Sea Shipping Lanes Are Now Under Threat, Too.
The blockade threatens 3.5 million barrels a day of Saudi exports and could further squeeze global oil supplies, the International Monetary Fund said.
- On Monday, Iran-aligned Houthis in Yemen announced a naval blockade of the Bab el-Mandeb Strait, then struck two Saudi oil tankers early Thursday, with Saudi Arabia confirming one ship was hit.
- Since Iran closed the Strait of Hormuz in early March, the Red Sea became vital for Saudi petroleum exports, with the kingdom transporting more than 3.5 million barrels daily via pipeline to Yanbu.
- Brent crude prices surged more than 30% in July, breaking $100 per barrel on Thursday for the first time since May as the security situation deteriorated.
- President Donald Trump stated Thursday the United States "will hold Iran responsible" for the Houthis' actions, vowing "major military punishment" if the blockade continues.
- An Arab government official described the Red Sea escalation as a "nightmare scenario" for the Gulf, noting the conflict strains Iran's critical back-channel to Saudi Arabia.
16 Articles
16 Articles
The EU mission called for consistent compliance with existing security procedures. Houthi militia denied closure of the Strait Bab al-Mandab.
It’s not just Hormuz. Red Sea shipping lanes are now under threat, too.
The stalemate between the U.S. and Iran over control of the Strait of Hormuz has created a global economic shock. Now, the conflict is threatening to disrupt international shipping through the Red Sea.
Oil retreats from above $100, still set for weekly rise on Middle East escalation
LONDON: Oil futures prices fell over 3% on Friday but are still set for hefty weekly gains because of worsening disruption to energy flows in the Red Sea and fears of further escalation in the U.S.-Israeli war with Iran. Brent futures fell $3.59, or 3.57%, to $97.10 a barrel at 1240 GMT, having settled above $100 in the previous session for the first time since May after Houthis said they struck two Saudi oil tankers in the Red Sea. The contract…
ADNOC Issues Seventh Crude Tender Since June Despite Hormuz, Red Sea Risks
Abu Dhabi National Oil Company ADNOC has issued its seventh tender offering crude from the United Arab Emirates since the beginning of June, expecting to sell millions of barrels of oil between August and October, both from within and outside the Persian Gulf. Despite the renewed threats to supply from the Strait of Hormuz and the new threats to shipping in the Red Sea by the Iran-aligned Houthis in Yemen, ADNOC is inviting interested buyers to …
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