Red Sea traffic drops to 11 ships after Houthi strike on Saudi oil
Why it matters: Disruption at Bab el-Mandeb and Hormuz has pushed physical crude prices in three regions to two-month highs.
Ship traffic through the Bab el-Mandeb strait fell to 11 commodity vessels on July 26, the lowest level in months, after Yemen’s Houthis struck Saudi oil sites on the Red Sea coast, Kpler data showed. Transit through the Strait of Hormuz also stayed depressed, with fewer than 10 commodity vessels a day over the weekend despite a pause in US-Iran strikes. The Houthis said they hit Aramco facilities in Jizan and Yanbu on July 25. The shipping slowdown has disrupted flows off Yemen and tightened oil supply routes, lifting physical crude cargo prices in the Middle East, Europe and Africa to two-month highs last week.
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Earlier in this story
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