Houthi blockade adds pressure to oil markets

The Houthi blockade of the Red Sea is disrupting both the Bab el-Mandeb Strait and Strait of Hormuz, key oil export routes, forcing tankers to take longer Suez Canal routes and increasing transport costs. While immediate production losses are not expected, Asian refiners face logistical challenges, and shipowners like Greece’s Dynacom are capitalizing on higher-risk, high-reward oil shipments.