• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 8 days America should go after China but it should be done in a wise way.
  • 1 day Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Mysterious Power Outage Paralyzes Tajikistan

Mysterious Power Outage Paralyzes Tajikistan

Tajikistan experienced a significant power…

2 Ways to Play Europe’s $800 Billion Energy Crisis

2 Ways to Play Europe’s $800 Billion Energy Crisis

Europe's energy crisis, driven by…

Houthis Continue To Attack Ships Near Vital Oil Chokepoints

Maritime security firms and U.S. officials report daily incidents about attacks by the Iran-aligned Houthi rebels in Yemen who continue to attack commercial vessels near the most important oil trade chokepoints in the Gulf.  

Attacks on cargo ships or tankers near the Bab el-Mandeb Strait from Houthi-held territory in Yemen have become a daily occurrence in recent weeks as the Iran-aligned rebels intensified attacks after the war between Israel and Hamas broke out in October.

In the latest incidents on Friday, two Liberia-flagged ships came under attack in the Bab al-Mandab Strait from the Houthis in Yemen, a U.S. defense official told Reuters. Drones and ballistic missiles were used in Friday’s attacks, which caused fires on the ships, but didn’t result in any injuries.

On Wednesday, the Houthis fired two missiles from a territory they hold in Yemen, targeting – but missing – a commercial tanker near the Bab el-Mandeb Strait that was carrying jet fuel from India and was headed toward the Suez Canal via the Red Sea.

The intensified attacks on commercial vessels around Yemen and the Bab el-Mandeb Strait have pushed up insurance premiums and have made some shipowners consider options to bypass the Suez Canal route and make a much longer journey around Africa.

Maersk fuel carriers will have the option of bypassing the Red Sea following the spate of attacks on other vessels in the area, possibly extending fuel voyages by thousands of miles.

Maersk said on Thursday that its fuel carriers can bypass the Red Sea to avoid potential danger, according to company correspondence seen by Bloomberg. If carriers choose to bypass the Red Sea, it will also bypass the Suez Canal and add thousands of miles to their journeys, opting to sail around Africa instead.

This will add days to the journey and burn “hundreds of tons more fuel” according to Bloomberg. On the other hand, however, it could save on insurance costs that have increased since the Houthis ratcheted up their attacks.

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Mamdouh Salameh on December 15 2023 said:
    The reported daily attacks by the Houthis of Yemen against shipping in the Red Sea particularly Israeli-owned ships could develop into global shipping and energy crises affecting the prices of oil, gas and other commodities’ including food .

    The proximity of the attacks to major choke-points like the Straits of Hormuz and Bab al-Mandeb and the Suez Canal and also to a region sitting on 60 percent of global oil reserves and 48 percent of gas reserves not only increase the possibility of energy disruption but could also lead to a widening of the Hamas-Israel war into a bigger one particularly if Israel decides to retaliate against the Houthis.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News