Bab Al Mandeb and Hormuz ship transits plunge as war intensifies

As the conflict in Yemen intensifies, the number of ships transiting two critical shipping routes has plummeted. The Bab Al Mandeb strait, a vital gateway for Saudi crude exports, saw only six vessels cross on Thursday, a sharp decline from the 30 vessels that passed through on Wednesday. The Houthi militant group, backed by Iran, has seized control of the key port city of Mokha, leading to a "maritime embargo" against Saudi Arabia and attacks on Opec crude shipments.

Meanwhile, the Strait of Hormuz, another crucial artery for global oil trade, registered only two vessel transits on Thursday, the lowest level for the month. The US and Iran have been exchanging attacks on ships in the Arabian Gulf, with the US Central Command claiming to have destroyed five Iranian crude carriers. This escalation has driven oil prices past $100 per barrel for the first time since July, with Brent crude trading at $103.80 per barrel and West Texas Intermediate at $98.89 per barrel.

The strategic waterway, which once handled over 20 million barrels of oil daily, now sees around 10 million barrels per day. US forces have launched more attacks on tankers in the past week than in the previous four months combined, as part of a new "tanker-for-tanker" policy aimed at deterring Iranian attacks. As of Thursday, 514 commercial vessels were trapped in the Arabian Gulf, according to Kpler analysis.