Saudi Crude Exports Plummet to Near Decade Low Amid Tanker Attacks

Saudi Arabia's crude oil exports have hit a near decade low of around 3 million barrels per day in August, according to estimates from tanker tracking firms Bloomberg, Vortexa, and Kpler.

This marks the smallest level of exports for the kingdom in at least nine years. The decline in exports comes as Saudi tankers have been targeted by Yemen's Houthi militants in the Red Sea, jeopardizing a route that bypasses the highly contested Strait of Hormuz.

The attacks on Saudi crude tankers in the Red Sea and the Strait of Hormuz have forced Riyadh to consider longer voyages around Africa, adding thousands of miles to global supply chains. This has had a ripple effect on the global market, with Brent oil prices pushing back above $95 per barrel in London.

The recent spike in tensions between the US and Iran has further exacerbated the situation, with the US striking military targets in Iran and Tehran retaliating by firing projectiles at Gulf countries with American bases.