Red Sea Risks Rise as Strait of Hormuz Threats Continue

The global oil shipping industry is facing its most perilous period since the Iran war began due to a fresh wave of attacks on vessels in the Red Sea, a route many tankers had switched to after Iran blocked the Strait of Hormuz.

In June, a short-lived peace deal with the US briefly pushed traffic back up through the strait, but renewed fighting caused numbers to drop sharply again. Many vessels are now switching off their tracking signals while crossing the strait to avoid being targeted.

The Red Sea route had become a new path for tankers carrying oil from Saudi Arabia, travelling between the kingdom and west Africa. However, this alternative route has also become dangerous after Yemen's Houthi forces launched a string of attacks on Saudi tankers using the route.

A Kpler analyst noted that the industry is now facing problems stacked on top of each other, with two major routes under pressure at the same time. The number of ships loading crude oil bound for Asia through the Red Sea has fallen to roughly four per day, the lowest figure recorded since the war began.