The Houthis Take Perim and Petroline Is Hit as Freight Rates Cross $1 Million a Day
Operational Overview Saudi Arabia’s workaround to the partial closure of the Strait of Hormuz came under direct attack last week. Saudi Arabia diverted crude to the Red Sea port of Yanbu via the East-West pipeline. On September 10, a pumping station on the pipeline was attacked and preemptively shut down. On the same day, Houthi ...
The Houthis have taken control of Perim Island, a key point in the Bab el-Mandeb strait, which has been hit by a pumping station attack on September 10. This disruption has led to a sharp increase in freight rates across the Strait of Hormuz and the Middle East Gulf, with VLCC spot rates reaching $1 million per day. The U.S. has responded to these attacks, striking five IRGC-linked tankers on September 8, with Iran retaliating across multiple fronts.
The operational risk environment in the Strait of Hormuz, Red Sea, Gulf of Aden, northern Middle East Gulf, and Somali basin is currently assessed as critical.
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