Saudi Oil Export Costs Surge as Red Sea Risks Mount
Saudi Arabia’s workaround for the Strait of Hormuz now carries a war-risk insurance bill nearly as expensive as sending tankers through Hormuz itself. Quoted premiums for Saudi-linked tankers calling at the Red Sea port of Yanbu have tripled to around 3% of a vessel’s value from less than 1% in earl
Source: OilPrice.com
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DW NOTE
The Red Sea has been a secondary concern all year — it's the Strait of Hormuz that collapsed Saudi export volumes. Riyadh's real problem isn't route risk, it's that oil now sits landlocked behind a blockaded strait while buyers divert to Atlantic Basin crude at a premium. Calling this a Red Sea story is geographical misdirection.