Asian refiners look to Suez Canal to move Saudi oil amid Houthi shipping threats

HOUSTON, July 21 : Asian refiners are seeking to ship crude oil from Saudi Arabia's Red Sea port through the Suez Canal and around Africa after Yemen's Iran-aligned Houthis said they would impose a naval blockade on Saudi Arabia.

The move marks the latest redirection of oil flows due to the U.S.-Israeli war with Iran that has sharply cut supplies, pushing refiners to seek alternative barrels or undertake different routes.

Two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea on Tuesday after threats from the Houthis, while vessel crossings via the Strait of Hormuz dropped further at the start of the week.

Shipping west toward Egypt from Saudi Arabia's Red Sea port of Yanbu, and passing through the Suez Canal and rounding the Cape of Good Hope in Africa, will require as much as four additional weeks and raise freight and fuel costs, analysts and industry experts have warned, compared to the typical route of heading east from Yanbu to the Arabian Sea.

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