What was the percentage decline in Saudi crude exports from Yanbu port between March and June, and what does Wood Mackenzie attribute this to?

Saudi crude exports from Yanbu port on the Red Sea plunged by 41% from March to June — falling from 4.07 million barrels per day (bpd) to approximately 2.39 million bpd. According to Wood Mackenzie’s ship-tracking and cargo data, this sustained decline reflects that the Red Sea route’s security premium has deterred traders and buyers even in the absence of direct attacks, indicating growing market reluctance to use this corridor despite its initial role as a strategic alternative to the Strait of Hormuz.

Why has Saudi Arabia’s shift of crude exports from the Persian Gulf to Yanbu port proven vulnerable, according to the news?

Saudi Arabia’s redirection of crude exports from the Persian Gulf to Yanbu port on the Red Sea — undertaken to bypass risks in the Strait of Hormuz — has revealed new vulnerabilities because Yanbu’s export route depends on the Bab el-Mandeb Strait, another critical chokepoint now threatened by Houthi attacks. Wood Mackenzie analysts note that while Yanbu was widely seen as the solution to Hormuz-related risks, the reality is that it substitutes dependence on one conflict-affected strait for another; indeed, the Houthis — allied with Iran — have already claimed attacks on two Saudi tankers in the Bab el-Mandeb, undermining the safety and reliability of this alternative route.