business / news / / Independent.ie
The entry of the Houthi rebels into the Iran war at the end of March sparked concerns that the group could block the vital Bab al-Mandab strait.
Bab al-Mandab oil transit dropped from 9.3 million to 4.1 million barrels daily in 2024.
KEY POINTS
- Trade through the Suez Canal fell by 50% in early 2024 due to regional disruptions.
- Saudi Arabia's Yanbu port now exports 4.6 to 5 million barrels per day, mainly to Asia.
- Insurance costs for shipping surged as vessels rerouted around Africa, adding 10-14 days to journeys.
- Iran's control of the Strait of Hormuz has constrained 20% of global oil supply since the war began.
COMPANIES
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