Saudi Arabia has stopped oil loading at the Red Sea port of Yanbu, according to Reuters, after damage to the critical East-West Pipeline. The shutdown compounds disruptions at the Strait of Hormuz and Houthi restrictions in the Bab el-Mandeb, threatening a global oil supply crisis. Analysts warn Brent crude could exceed $120 per barrel if disruptions continue.
Saudi Arabia has halted all oil loading at the Yanbu terminal on the Red Sea, following damage to the East-West Pipeline, according to a Reuters report. The pipeline—a strategic artery that bypasses the Strait of Hormuz—was struck days ago, and The Zioneer reported Sunday that repairs could take 5–6 weeks, threatening to deplete Saudi export reserves at Yanbu within days. The halt at Yanbu now joins the near-complete shutdown of traffic through the Strait of Hormuz and Houthi-imposed restrictions on Red Sea shipping via the Bab el-Mandeb strait, creating a triple choke point on global oil supply. Analysts cited in the report warn that Brent crude prices could climb above $120 per barrel, with some forecasting $130. The Zioneer has previously reported that Saudi Arabia may cancel crude shipments for September and October if the disruption persists.
2 developments
- StrongAramco cancels September crude shipments to Europe after pipeline damage
- StrongAsian oil companies reroute tankers from Saudi Yanbu port after Houthi blockade threats
- DevelopingThe Zioneer: Saudi Arabia could lose up to 4% of global oil export capacity within days
- StrongIran targeted Yanbu port in Saudi Arabia missile attack, US source says
Source and signal
- Open-source intake