Houthi Attack Slows Red Sea Shipping Amid US-Iran Conflict

Disruptions in shipping through the Bab el-Mandeb strait have slowed following an attack by the Houthi group on Saudi oil installations along the Red Sea coast.

The number of commodity vessels passing through the strait fell to eleven on Sunday, a significant drop from previous months, according to data from Kpler.

The Houthis aim to blockade Saudi exports as part of their conflict with the US and Iran, which has already led to choked oil supply through the Strait of Hormuz.

Physical crude cargo prices in the Middle East, Europe, and Africa have jumped to two-month highs due to the shipping disruption.