The Red Sea oil blockade, led by the Houthis at the Bab el-Mandeb Strait, continues to disrupt Gulf oil shipments. This situation is worsening the energy crisis in Asia, where importers heavily depend on Middle Eastern crude. With the Strait of Hormuz already compromised, alternatives for Gulf exporters are limited, increasing freight costs and prolonging delivery times. Crude oil prices have reached new all-time highs, with a 12.5% probability of hitting a new peak by December 31. This crisis underscores Asia’s vulnerability to geopolitical developments in the Middle East.
Source: Read the original article
