Ship insurers limit war coverage for Saudi cargoes amid Red Sea tensions. Bab el-Mandeb Strait effectively closed by September 30 at 22.5% YES.

The Iran-aligned Houthis on Monday declared a naval blockade against Saudi Arabia, opening a potential new front against the United States in its war with Iran.

Houthi militia warnings are causing tankers to change course in the Red Sea. Two vessels altered their destinations to the Suez Canal after the blockade declaration. European…