Middle East Oil Routes Under Pressure as Hormuz Traffic Tumbles
The number of commodity vessels observed to have transited the Strait of Hormuz crumbled to single digits this weekend, and risks to supply from the Middle East soared after Saudi Arabia shut down the key East-West pipeline it uses to ship crude from the Red Sea to bypass Hormuz. The number of commodity vessels that crossed the Strait of Hormuz in either direction was 14 over the weekend, or…
The number of oil vessels passing through the Strait of Hormuz plummeted to single digits over the weekend, raising concerns about Middle East oil supply. Saudi Arabia had recently shut down its East-West pipeline, a crucial route for exporting crude from the Red Sea. This move came after drones struck the pipeline on Thursday, following attacks on tankers and threats from Iran-aligned Houthis in the Red Sea.
As a result of these incidents, oil prices surged on Monday, with Brent reaching $108 per barrel and WTI Crude climbing to $103.
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