Saudi Arabia is “temporarily halting” all oil shipments through the Red Sea due to an attack on two oil tankers by Yemen’s Houthi movement, Reuters reported.
Two very large crude carriers (VLCCs), each with a capacity of two million barrels, were attacked on the morning of July 2, according to the Saudi Press Agency.
One of the ships reportedly sustained minimal damage, and no injuries or oil spills have been reported.
“Saudi Arabia is temporarily halting all oil shipments through Bab al-Mandeb Strait immediately until the situation becomes clearer and the maritime transit through Bab al-Mandeb is safe,” Saudi Minister of Energy Khalid al-Falih stated.
Bab al-Mandeb is the main transit route for exports from the Gulf going through the Suez Canal. In 2016, an estimated 4.8 million barrels per day passed through the Bab al-Mandeb strait heading towards Europe, Asia and the United States, according to the US Energy Information Administration.