According to a report by Lloyd's List Intelligence, tanker traffic at Saudi Arabia's Yanbu port has declined by more than a third following the Houthis' July 20 announcement of a blockade on Saudi vessels in the Bab al-Mandeb strait. To maintain crude exports, Saudi Aramco is reportedly utilizing a three-part operation involving shuttle tankers to Egypt and the SUMED pipeline, a process that the report states increases tanker requirements and extends delivery times for Asian buyers.
The Strait of Hormuz is reopening, but global shipping won’t return to normal for months
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The Strait of Hormuz is reopening, but global shipping won’t return to normal for months
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- currentsapi(Mixed)By Behrouz Bakhtiari
Iran and the United States are about to sign a peace deal that will reopen the Strait of Hormuz, the narrow waterway that carries about one-fifth of the world’s oil. Oil prices reacted quickly to the announcement of the tentative deal, dropping from highs that had pushed gasoline…
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