The flow of Middle East energy trade is evolving yet again after attacks on two tankers in the Red Sea by Iran-backed Houthi militants. In a recent maritime security webinar, industry experts warned that the Houthi threat is not limited to the Bab-el-Mandeb Strait, where the attacks occurred, but also poses a risk to shipping lanes in the Gulf of Aden and the Indian Ocean.
The attacks on the tankers have already started to constrict crude trade, with Asian oil buyers in talks to reroute shipments through alternative routes. This development is expected to have a significant impact on global oil prices, which have already been volatile in recent months due to geopolitical tensions in the region.