Saudi Arabia, the world’s largest oil exporter, is scrambling to divert as many as five million barrels per day (bpd) to the Red Sea port of Yanbu. Even so, roughly 15 million bpd of Middle Eastern supply remains shut out of global markets – a disruption without precedent in the post-World War II era. While the United States has offered financial guarantees to insure vessels against war-related losses in an effort to restart transit, most commercial shippers appear unwilling to take the risk. President Donald Trump has also urged allies to deploy warships to secure Hormuz alongside the United States, though any such operation remains weeks away. Last Thursday, Washington issued a 30-day waiver allowing countries to buy sanctioned Russian crude oil and petroleum products currently at sea.

Source: The Star March 18, 2026 12:04 UTC