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Saudi Arabia Suspends Oil Exports On The Red Sea Route

- Jul 30, 2018 -

According to a Reuters report on July 26 in Dubai, Saudi Arabia said on Thursday that they suspended the oil transportation through the strategic Red Sea route because of the Yemen-Israeli rebel attacking two tankers on the channel, highlighting the risk of the region of escalating tensions.

Brent crude futures rose 59 cents to $74.52 a barrel, and the gains continued until the third day but fell from the 10-day high in early trading.

Saudi Energy Minister Khalid Al-Falih said that Houthi armed forces attacked two Saudi tankers in the Red Sea on Wednesday, one of which was undermined.

Industry and shipping sources said that the suspension of supply is unlikely to affect Saudi Arabia's crude oil supply to Asia, but due to longer transit times, it may increase the transportation costs of Saudi vessels to Europe and the United States.