Saudi Oil Shipments Slump Amid Rising Middle East Tensions

Saudi Arabia's crude oil exports decreased in July due to increased risks to vessel traffic in both the Persian Gulf and the Red Sea. According to tanker-tracking data, Saudi Arabia exported around 4.19 million barrels per day in July, a decrease of 460,000 barrels from the previous month.

When accounting for cargoes loaded onto ships that are stuck inside the Persian Gulf, exports are approximately 230,000 barrels lower. The reduction in exports is attributed to threats to vessel traffic in both key waterways, which have raised concerns among shipping companies and traders.