The Iran conflict has heightened the vulnerability of Saudi Arabia’s oil export routes. Attacks in the Strait of Hormuz have forced Riyadh to seek alternative pathways, primarily the East-West pipeline transporting crude to the Red Sea port of Yanbu. Both this pipeline and the Bab el-Mandeb Strait now face threats from Iran-backed Houthi militias. WTI crude oil prices may rise amid these supply risks, with low probability of normalized maritime traffic through the Strait of Hormuz by late July.
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