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Suez Canal oil tanker traffic surges on Red Sea shipping threats

Suez Canal revenues rose to $505 million in July, up 42% year over year, as oil tankers increased to 526 vessels.

Reported · Written up by our desk · Energy

Suez Canal revenues jumped in July as more oil tankers transited the Egyptian gateway to the Mediterranean amid ongoing threats to shipping in the southern Red Sea and the Bab el-Mandeb Strait, according to data cited by OilPrice.

Revenues climbed to $505 million in July, a 42% increase versus the same month a year earlier. The report says the number of vessels passing through the canal rose 27% year over year to 1,340 ships.

Oil tanker transits increased as well, reaching 526 in July compared with 485 in June, as Houthi threats added pressure to reroute cargo around the region.

The outlet also linked the shift to Saudi Arabia’s additional detours after the Iran-aligned Houthis announced in July a blockade on Saudi shipments in the southern Red Sea and Bab el-Mandeb Strait, prompting more tankers to bypass the area via the Suez Canal and related routes.

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