Rates charged by shipowners to ferry Saudi crude from the Red Sea to Asia have plummeted in the last weeks, as more tankers arrive at the port of Yanbu to haul flows diverted by the closure of the Strait of Hormuz.
The narrow waterway connecting the Persian Gulf with the rest of the world has been all but closed since US and Israeli strikes began almost a month ago, forcing Saudi Arabia to turn to its Red Sea export hub for some relief. The urgent need for oil and for tankers pushed up freight prices dramatically in the first weeks and prompted a flotilla of tankers to head to Yanbu — but as more make their way, that is now easing.
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