Houthi Attack Disrupts Red Sea Shipping Traffic

The recent attack by Yemeni Houthis on Saudi oil facilities has disrupted shipping traffic through the Bab el-Mandeb Strait, causing a significant drop in commodity vessel passage. On Sunday, only 11 vessels passed through the strait, the lowest level in months, according to data from Kpler.

Seven of these vessels were oil tankers, with three entering the Red Sea and four exiting. Two very large crude carriers (VLCCs) were heading to the port of Yanbu to load Saudi crude, while a Russian-linked ship was also spotted.

The disruption has caused prices of physical crude cargoes in the Middle East, Europe, and Africa to jump to two-month highs last week. The Houthis have been targeting Saudi exports in an effort to blockade them, expanding the U.S.-Iran conflict that has already choked oil supply through the Strait of Hormuz.