Houthi threats increase shipping risks as Saudi crude oil tankers are forced to bypass the Suez Canal

(1) Due to the ongoing threat from Houthi forces, uncertainty in Red Sea shipping has increased. A very large crude carrier (VLCC) carrying Saudi oil and destined for Asia has chosen to take the longer Suez Canal route out of the Red Sea. (2) The "Lucky Olympic" VLCC has already loaded part of its Saudi oil cargo, passed through the Suez Canal into the Mediterranean, and is currently en route to an undisclosed destination in Asia. (3) Another VLCC also heading to Asia, the "DHT Gazelle," may follow the same route; this vessel is currently waiting empty at the canal entrance with part of its oil cargo loaded from Saudi Arabia's Yanbu port.