finance
Brent Crude Rises Above $91 as Houthi Warnings Target Saudi Ports
Oil prices climbed after Yemen's Houthi rebels warned shipping companies against loading cargo at Saudi ports. Brent crude reached $91.44 per barrel, up $2.22 on the session.
Jul 21, 11:53 AM·1m read2 sources
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Brent crude rose above $91 a barrel after Yemen's Houthi rebels warned global shipping companies against loading cargo at Saudi ports. The group said it would strike vessels that come within operational reach. Saudi Aramco shipped record volumes of crude from its Red Sea port of Yanbu over the past four weeks.
The shipments moved through the 7 million barrel-per-day East-West pipeline after the Strait of Hormuz closed.
Port limits at Yanbu restricted throughput to 4-4.5 million barrels per day. An additional 1.5-2 million barrels per day moved to Aramco refineries along the Red Sea coast. Houthi attacks have forced some tankers to reroute around the Red Sea. The shift has raised concerns about longer supply chains and higher shipping costs.
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CorroborationModerate · 2 sources
