Red Sea attacks, slow Hormuz transit and crude oil loading suspension tighten supply, push up prices.
A handout picture released by the Marine Nationale (French Navy) on May 6, 2026 shows the French Navy's Carrier Strike Group that includes the flagship aircraft carrier Charles de Gaulle (unseen) and its escort transiting the Suez Canal en route to the southern Red Sea to pre-position for a possible mission to restore navigation in the Strait of Hormuz. (AFP/Marine Nationale)
Spot premiums for Middle Eastern crude benchmarks hit their highest in two months as attacks on two tankers in the Red Sea triggered a rerouting of some Saudi oil shipments via a route that circles Africa, further disrupting supply flows.The attacks in the Red Sea by Yemen's Iran-aligned Houthis came after renewed US and Iran strikes in the Middle East and shipping blockades on traffic through the Strait of Hormuz again choked oil shipments through that crucial waterway, slowing crude oil and fuel exports to Asia.
Spot premiums for Middle East benchmark Dubai to swaps doubled on Thursday to $12.74 a barrel, while Oman's premium climbed to $12.62, Reuters data showed. Both premiums are the highest since end-May.
Consultancy Energy Aspects said in a note on Thursday that it expects premiums to rise further and the spread between Brent and Dubai to narrow as the ship attacks will prompt more cargo diversions and deter shipping through Bab el-Mandeb, the strait that connects the Red Sea to the Gulf of Aden.
