Energy analysts have issued a warning about potential disruptions in the oil market due to renewed attacks on Red Sea shipping by Yemen's Houthi forces. According to BlockBeats, these attacks could significantly reduce global oil supply and drive up prices. Saudi Arabia has been redirecting as much crude oil as possible from the Persian Gulf to its Red Sea port of Yanbu, primarily for shipment to Asia. Although this strategy has not fully compensated for the oil that cannot pass through the Strait of Hormuz, it has helped limit the rise in global oil prices.
Analysts suggest that if Houthi attacks make it too dangerous for tankers near Yanbu, millions of barrels of crude oil could be stranded daily in the Middle East. In such a scenario, Saudi Arabia might be compelled to cut production alongside Kuwait and Iraq.