Houthi Attack on Egyptian Vessel Disrupts Oil Shipments Through Bab el-Mandeb

The Bab el-Mandeb Strait has been hit by a Houthi attack on an Egyptian vessel, causing casualties and disrupting crude oil shipments. The incident is significant because it marks the first time since the Middle East war began that a commercial ship was targeted in this way.

The strait has become increasingly important as a route for oil exports due to the blockade of the Strait of Hormuz. Saudi Arabia has been diverting some of its oil shipments through Bab el-Mandeb, which saw transits rise to 8.1 million barrels per day compared to 5.4 million before the war.

The attack led to a price increase in Brent crude to almost $90, but this is partly due to US Energy Secretary Chris Wright's claims that oil flows through Hormuz have risen to nearly 9 million barrels per day, excluding bypass pipelines. However, experts dispute these numbers, citing satellite images and Kpler estimates that show an outflow of only 3-4 million barrels a day.

Andrea Paltrinieri, professor at the Catholic University of Milan, pointed out the inconsistency between Wright's announcement and data. He explained that return flows, needed to clear storage facilities and receive new tankers before increasing output, are almost non-existent, and production is struggling in Kuwait and Iraq due to this.