Saudi Arabia reroutes oil exports as Houthi strikes target Yanbu; Hormuz traffic collapses

Satellite imagery shows a record buildup of supertankers at Saudi Gulf terminals while Hormuz crossings fell sharply, indicating a major rerouting of crude away from the Red Sea after Houthi attacks on Yanbu. The divergence between Gulf loading and Hormuz transits suggests Saudi Arabia is shifting export logistics, though the durability of this rerouting and its impact on global supply remain uncertain. This matters because it signals a structural response to Red Sea insecurity that could tighten tanker availability and alter crude flows.