Saudi Oil Exports at Risk as Insurers Pull Red Sea Coverage After Houthi Attacks

The Attacks That Triggered the Shift

Two tankers, the Saudi flagged Encelia and Layla, came under attack Wednesday night in strikes the Houthis claimed responsibility for. In the days since, several vessels carrying Saudi cargo have reportedly reversed course entirely, opting for the much longer route to Asia that goes around Africa via the Cape of Good Hope instead of passing through the Red Sea.

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