Energy

Six Saudi Oil Tankers Reroute Around Africa to Dodge Houthi Threat

Half a dozen empty Saudi oil tankers have turned away in the Arabian Sea from the Red Sea chokepoint Bab el-Mandeb and headed south around Africa in the western direction, in highly unusual moves for tankers loading crude from the Middle East. All six tankers turned away from Bab el-Mandeb after the

Source: OilPrice.com

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DW NOTE

Saudi Arabia is routing tankers around the Cape of Good Hope because Houthi anti-ship missiles have made the Red Sea too expensive to insure. The extra 3,500 nautical miles adds roughly two weeks and $500,000 in fuel per voyage — costs that flow straight into the global oil price. When a regional militia can credibly tax 12% of seaborne crude trade, that's not a shipping risk, it's a blockade the U.S. Navy has chosen not to break.

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Hedge Funds Pile Into Fuels as U.S. Supply Squeeze Deepens

For the first four months of the war between the United States and Israel and Iran, oil traders remained largely bearish. The overwhelming expectation was that the war would end soon—even as July rolled around—and oil flows out of Hormuz would recover. Instead, the world is slipping into a fuel shor

Six Saudi Oil Tankers Reroute Around Africa to Dodge Houthi Threat

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Hedge Funds Pile Into Fuels as U.S. Supply Squeeze Deepens

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