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Brent jumps above $91 as Houthi attacks disrupt Red Sea shipping
Saudi Aramco has shipped record crude volumes from its Yanbu port over the past four weeks, including 5.9 million b/d in the week up to July 17, according to Bloomberg.
Houthi attacks are widening the Middle East conflict into the Red Sea, forcing some tankers to reroute and lifting fears of longer supply disruptions, with Brent crude pushing above $91.
OilPrice reports that Yemen's Houthi rebels have warned most global shipping companies via email not to load cargo in Saudi ports and threatened strikes if vessels come within operational reach.
The disruption is also playing out against Saudi Arabia's efforts to move production away from the east following the closure of the Strait of Hormuz, with the kingdom relying on a 7 million b/d East-West pipeline.
According to Bloomberg, Saudi Aramco loaded an unprecedented 5.9 million b/d of crude in the week up to July 17, about 50% higher than the March-June average, despite Yanbu port limitations that normally constrain capacity.
Latest closeWTI crude $79.00 ▼0.8%|Brent $84.94 ▼0.0%