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Oil Tankers Continue to Change Course After Houthi Threats
The vessels reversed course after Houthi warnings against Saudi port activity, and most tankers in the area switched off transponders, Reuters reported.
On Tuesday, three oil tankers made U-turns in the Red Sea after approaching the Yemeni coast, responding to a warning from the Iran-aligned Houthi militia against using Saudi Arabian ports.
The Houthi militia announced a naval blockade against Saudi Arabia, warning shipping companies against loading or discharging cargo at Saudi ports, citing risk of vessels being targeted.
Specific vessels including the Xin Long Yang, carrying 2 million barrels of Saudi crude, the Rodos with 700,000 barrels, and the Suezmax tanker Amazon all altered course toward Suez.
War risk insurance prices surged as Saudi port risk profiles were re-evaluated, while the New Prime tanker turned back off the coast of Oman before entering the Red Sea.
With the Strait of Hormuz blocked during the conflict, Yanbu has become a critical alternative export route for Middle Eastern crude, making these disruptions a significant strain on energy markets.