Saudi Oil Exports Plummet Amid Middle East Tensions

Saudi Arabia's crude oil exports have hit a nine-year low, plummeting to 3 million barrels per day in August, according to tanker-tracking data compiled by Bloomberg, Vortexa, and Kpler.

The decline comes as tensions in the Middle East escalate, with Saudi ships under attack from Yemen's Houthi militants in the Red Sea. The attacks have forced some customers to become reluctant to use the kingdom's Red Sea ports, prompting Riyadh to look for alternative routes around Africa.

This is a setback not only for the kingdom but also for global markets. With crude oil prices already on the rise, the decline has pushed prices in London above $95 per barrel, sparking concerns about inflationary impacts and possible interest rate hikes.