Saudi Arabia has been diverting millions of barrels of crude from the Red Sea port of Yanbu, Red Sea, to avoid the blocked Strait of Hormuz. However, Iran-backed Houthi militants have entered the war in an escalation that could jeopardize this. As many as 4.6 million barrels per day were loaded onto vessels at Yanbu over the past two weeks, more than three times the average over 2025, according to shipping data firm Vortexa. This could increase global oil prices further and exacerbate local fuel shortages. The price of Brent has risen by about 50% since the Iran war started on February 28 to trade around the $110-a-barrel level. If the Bab-el-Mandeb Strait also becomes too dangerous for tankers to cross, Brent is expected to surge past $150 a barrel over the next few months.