Red Sea Shipping Disruptions Reshape Global Oil Trade

Ongoing Houthi threats in the Red Sea have reduced tanker traffic to multi-month lows, disrupting key shipping routes. As a result, Saudi Arabia is considering raising crude prices for Asian buyers, while Central Asia is seeking alternative trade routes to Pakistani ports. India may need to increase imports of Russian oil, which carries its own risks. However, recent progress in US-Iran talks has led to a rise in Red Sea tanker traffic, offering some relief to shippers.