Houthis Strike Saudi Oil Carrying Ships in Red Sea
The conflict in Yemen has taken a toll on global oil markets as the Houthis have begun striking ships carrying Saudi oil in the Red Sea. The attacks have forced some tankers to divert their routes and travel through the Suez Canal, which adds around 30 days to the journey.
One such tanker is the Danish-flagged Torm Innovation, which is carrying oil products from Saudi Arabia. According to a spokesperson for the company, they are taking a cautious approach to crew safety and sailing via the Suez Canal to Asia.
The Houthis have received help from Iran in enforcing the blockade, with reports suggesting that Iranian military commanders and equipment were flown into the country. The Houthis have also announced plans to ban tankers carrying Saudi oil from crossing the Red Sea.
Saudi Arabia has been diverting millions of barrels of oil per day from the Strait of Hormuz to the Red Sea as a result of the war. The conflict is exacerbating potential shortages in the market, with the closure of the waterway by the Houthis and the recent clashes between the US and Iran at the Strait of Hormuz.