- Kpler data showed only eight ships passed through the Strait of Hormuz on Sunday, versus more than 100 per day before the war; roughly 20% of global oil and gas had used the strait before the conflict.
- Houthi attacks on Saudi tankers in the Red Sea are threatening an alternative route used by Saudi oil shipments, broadening the disruption to regional crude flows.
- Ships loading crude for export to Asia through the affected routes have fallen to about four per day, the lowest pace reported in the article.
Quotes
“In terms of threat to the trade of crude, we're at the worst period that we've been in since this since this crisis began”
“Not only is the ongoing situation in the Strait of Hormuz constraining oil flows, but now a big factor that was helping to balance the market is now also under threat. It's a problem stacked on top of a problem”
“We now have the high-risk area going up to Saudi Arabian waters and extending into parts of the Red Sea. So that's having another impact on the market, on freedom of navigation as well.”