Middle East Oil Tanker Threat Hits Worst Level Since Iran War Began

The threat to oil tankers in the Middle East has reached its worst level since the start of the Iran war, according to analysts.

Matthew Wright, an analyst at Kpler, said 'in terms of threat to the trade of crude, we're at the worst period that we've been in since this crisis began.'

The number of ships passing through the Strait of Hormuz has dropped significantly, from over 100 per day before the war started to just eight on Sunday and 11 on Saturday.

This reduction in traffic is due to a recent spate of attacks by Yemen's Houthi fighters on Saudi tankers using an alternative waterway in the Red Sea.

The Iranian-backed Houthi militia has announced a blockade on Saudi Arabia's Red Sea ports, and several ships have been attacked in the past week, according to the UK Maritime Trade Operations agency.