Houthi Havoc: Oil Flows Shift as Ships Avoid Red Sea

Crude oil and oil product flows through the Bab el-Mandeb Strait have sharply declined in 2024, dropping by over 50% compared to last year, according to the U.S. Energy Information Administration (EIA) in a new report released on Friday. This chokepoint, located at the southern entrance of the Red Sea, plays a critical role in global energy trade. Disruptions here can cause substantial delays in supply chains, leading to higher shipping costs and spikes in global energy prices. Tensions in the region has been high since earlier this year, with…