Four ships heading to the Bab el-Mandeb Strait in the Red Sea turned back as Houthi rebels in Yemen threaten to block another key oil transit chokepoint, UNN reports citing CNN.
Trade analytics firm Kpler identified four "real cases of turnaround" in this waterway connecting the Red Sea to the Arabian Sea and the Indian Ocean, according to a statement released Wednesday.
The Bab el-Mandeb Strait has become an important alternative to the Strait of Hormuz for oil exports from Saudi Arabia. The Houthis have warned Saudi vessels against transiting the strait, which, according to Kpler, has channeled about 6.2 million barrels of oil per day over the past month, accounting for about 6% of global oil supply. The vast majority of this oil is Saudi.
Windward Intelligence, another maritime analytics firm, reported Tuesday that five tankers heading into the Bab el-Mandeb Strait turned back due to the Houthi threat, "four of them carrying cargoes of Saudi origin."
A full blockade of Bab el-Mandeb could push oil prices back above $100 per barrel, according to Dan Pickering, chief investment officer of Pickering Energy Partners.
Trump dismissed the threat of a Red Sea blockade by the Houthis21.07.26, 19:43