Houthi Attacks Slowing Global Shipping Traffic in Red Sea
The recent Houthi attacks on Saudi oil sites in the Red Sea have caused shipping traffic to slow down, affecting global energy markets. The Houthis targeted facilities operated by Aramco in Yanbu and Jizan on Saturday, further escalating tensions in the region.
Four tankers exited the Red Sea carrying crude destined for Asian markets, including the Hong Kong-flagged New Explorer, which transported approximately 2 million barrels of Saudi and Emirati crude to Ningbo, China. Another tanker carried 1 million barrels of Russian crude for China, while a vessel delivered roughly 750,000 barrels of Saudi crude to Pakistan.
The Houthi military has declared a naval blockade, but the impact on global shipping remains uncertain. The Strait of Hormuz also saw subdued traffic over the weekend, with fewer than 10 commodity vessels crossing the strategic waterway each day. On Sunday, seven vessels transited Hormuz, including three Iranian-linked product tankers leaving the Gulf.
The continued disruption underscores mounting risks to global shipping and energy markets as regional tensions remain high.