FT
Supertankers rush to Red Sea port as Iran war chokes Gulf oil exports
Saudi Arabia's East-West Pipeline is seeing a surge in supertanker traffic as shippers seek to bypass the Strait of Hormuz amid rising tensions with Iran. The alternative route terminates at the Red Sea port of Yanbu, but vessels must now contend with Houthi missile and drone attacks that have made those waters increasingly dangerous. The crisis underscores how Middle East conflict is forcing the global shipping industry to choose between two high-risk corridors with no safe escape.
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US to draw down 172mn barrels of oil from SPR as part of global release
The United States will release 172 million barrels of oil from its Strategic Petroleum Reserve, contributing to a coordinated global effort to free up 400 million barrels of crude. The move marks one of the largest emergency reserve draws in history as governments scramble to stabilize markets rattled by soaring energy prices. The release signals how seriously world leaders are treating the current supply crunch and its threat to economic recovery.
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