Houthi threats push Brent crude above $91 as Saudi tankers turn back in Red Sea
Saudi Aramco shipped 5.9 million barrels a day of crude from its Red Sea port of Yanbu in the week to July 17, up 50% on the March-June average, as Houthi threats to Saudi ports pushed ICE Brent above $91 per barrel.
Source: Crude Oil Prices Today | OilPrice.com · July 21, 2026 at 6:22 PM · AI-assisted report
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KUALA LUMPUR, 22 JULY 2026 —
Saudi Aramco shipped 5.9 million barrels a day of crude from its Red Sea port of Yanbu in the week to July 17, up 50% on the March-June average, as Houthi threats to Saudi ports pushed ICE Brent above $91 per barrel.
Market Impact
Yemen’s Houthi rebels sent emails to global shipping companies warning against loading cargo at Saudi ports and threatening strikes if vessels came within operational range, raising the prospect of prolonged supply disruptions through the Red Sea. Two Saudi tankers, Rodos and Xin Long Yang, both carrying crude to Asia, reversed course in the Red Sea after the militia declared a naval blockade.
Aramco’s ability to export oil from the Red Sea is constrained by port capacity at Yanbu. The East–West pipeline, which moves 7 million b/d of crude from eastern fields, terminates at Yanbu, but the port can handle only 4–4.5 million b/d. An additional 1.5–2 million b/d is refined locally along the Red Sea coast.
Saudi Arabia has relied on the East–West pipeline since the partial closure of the Strait of Hormuz, but the Houthi threat now forces tankers to reroute and adds a second risk premium to Middle Eastern flows. The first Asian-chartered vessels carrying Saudi crude have already turned back, highlighting the vulnerability of regional oil shipments.
The disruption comes as new threats emerge across key chokepoints. The Caspian Pipeline Consortium suspended loadings at its Black Sea terminal after two tankers were attacked while loading, threatening up to 1.6 million b/d of Kazakh exports. The Panama Canal Authority will cut daily transits to 34 vessels from August 1, reducing capacity at one of the world’s busiest trade arteries.
Market participants are also watching Iran’s pre-emptive oil moves. Reports indicate Tehran moved 70 million barrels of crude toward Asia during a brief easing of U.S. maritime pressure in June–July, earning $6 billion in sales before exports were squeezed again. The cargoes were loaded in Malaysia.
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