Rising geopolitical tension in the Middle East has spread from the Strait of Hormuz to the Bab el-Mandeb Strait.
According to sea-news.az that the threat of the closure of the second vital maritime route has also increased concerns regarding disruptions in global energy supply and maritime shipping.
The ongoing US-Iran conflict has brought commercial shipping through the Strait of Hormuz to a near standstill. This situation has caused oil prices to rise, with Brent crude approaching $90 a barrel.
Amid escalating tensions between the US and Iran, Iranian-backed Yemeni Houthis have imposed a blockade on Saudi Arabia and escalated tensions in Bab el-Mandeb following the events in the Strait of Hormuz.
The Houthis claim that Riyadh carried out an airstrike on Sanaa International Airport in Yemen, targeting an aircraft carrying Houthi leaders returning from a funeral in Iran. As an act of retaliation, they attacked Saudi Arabia’s Abha International Airport with missiles and unmanned aerial vehicles (UAVs).
The rebel group has closed the Bab el-Mandeb Strait for shipping associated with Saudi Arabia and imposed a blockade in Yemeni airspace and ports against the Saudi-led coalition.
Following the statement, the number of crude oil tankers passing through the Bab el-Mandeb Strait decreased by 69 percent. On Monday, approximately 16 vessels passed through the strait, while on Tuesday, this figure dropped to five. On Wednesday, only nine vessels passed through the Bab el-Mandeb Strait.
Rico Luman, senior transport and logistics economist at ING Group, stated that despite the absence of new attacks, the Houthis’ statement has immediately increased the risks associated with passing through the Bab el-Mandeb Strait, driving up freight rates and insurance premiums, which in turn causes additional costs. He added: “This puts additional pressure on oil markets, as Yanbu port is used more intensively as an alternative export hub for Saudi Arabia. Navigating via the Mediterranean through northern Africa to eliminate the threat will take much longer. Recovery plans for container shipping may also be delayed, as Maersk and Hapag-Lloyd have resumed certain services via the Red Sea, which could lead to the use of long-term detours around Africa.”
