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.
Oil Prices Today: Brent Crude Hovers Near $79 As Gulf Oil Flows Resume, See 9% Weekly Dip
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Oil Prices Today: Brent Crude Hovers Near $79 As Gulf Oil Flows Resume, See 9% Weekly Dip
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- currentsapi(Mixed)By Yukta Baid
Oil prices were headed for their steepest weekly decline in months as signs of a gradual reopening of the Strait of Hormuz eased concerns over global supply disruptions that had rattled energy markets since the outbreak of the US-Iran conflict. Brent crude fell towards $79 a barr…
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