Saudi Oil Tankers Reroute Around Africa to Avoid Houthi Threat

Empty Saudi oil tankers have turned away from the Red Sea chokepoint Bab el-Mandeb in the Arabian Sea, heading south around Africa in a western direction to bypass regional security threats, according to vessel-tracking data monitored by Bloomberg. The unusual maritime diversions follow Houthi threats to Saudi shipping and actual attacks on tankers, prompting Saudi … Read more

Oil Prices Slip Despite Middle East Attacks

Crude oil markets ticked lower as maritime trade through the Bab el-Mandeb Strait continued despite renewed Middle East strikes and an Egyptian port drone attack, according to industry reports and shipping data. Brent crude traded at $89.46 per barrel while West Texas Intermediate sat at $83.54 per barrel, both dropping roughly 1% from Wednesday’s close, … Read more