Saudi Red Sea War-Risk Premiums Triple as Hormuz Workaround Costs Rise

War-risk insurance premiums for Saudi tankers calling at Red Sea ports have tripled to ~3% of vessel value at Yanbu and up to 7% at Jizan, approaching the 6-9% cost of Hormuz voyages. This erodes the cost advantage of Saudi Arabia's Red Sea export route, adding millions per cargo and signaling sustained regional shipping risk. The development reflects persistent Houthi threats and may pressure Saudi oil export economics and global crude supply costs.