As many as 100 tankers carrying some 56 million barrels of crude oil and fuels have been diverted from the Red Sea since Yemen's Houthis began targeting ships there with drones and missiles. These are 56 million barrels of crude and fuels that will take from two weeks to more than a month longer than usual to reach their destination.
And the rerouting is not about to end any time soon. The flow of oil from the Middle East to Europe has already dropped by close to 50% Al Jazeera reported earlier this month, because it is…Red Sea Turmoil Tightens Oil Markets As Delays Continue
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