A drone strike on two oil tankers in the Egyptian port of Damietta has raised concerns about the security of the Suez Canal and the Sumed pipeline. The attack adds another layer of risk to the Middle East’s oil transit corridors.
Until now, the Iranian-Houthi campaign had concentrated on the Strait of Hormuz and Bab el-Mandab. Tankers were repeatedly targeted there, while the Suez Canal and Sumed still offered a northern export route for Saudi energy cargoes from the Red Sea.
Reuters reported that neither Tehran nor the Houthis publicly threatened the Suez Canal or admitted to Wednesday’s strike at Damietta. Even without an official admission, market concern about the waterway is growing.
– The Red Sea passage, even by the longer Mediterranean route, may now be at risk, threatening supplies of five million barrels a day that could currently bypass the Strait of Hormuz – said Saul Kavonic, head of energy research at consultancy MST Marquee.
Sumed pipeline becomes the focus
Saudi Arabia shifted most of its crude exports to the Red Sea and the Yanbu terminal after the war started. Houthi threats and attacks since last week have prevented many tankers from using that route.
Data from Kpler shows more Saudi crude and other cargoes are heading north up the Red Sea, toward Suez and Sumed. For Asian buyers, this means a longer voyage around Africa instead of south through the Gulf of Aden.
Loadings through Sumed, which runs across Egypt from the Red Sea to the Mediterranean port of Sidi Kerir, reached 28.79 million barrels in July, compared with 19.52 million in April. That rise came before the Houthi warning on 20 July aimed at stopping Saudi oil from moving through Bab el-Mandab.
– We have seen a clear rise in the number of tankers carrying crude oil and condensate heading north after loading in the Red Sea – said George Morris of the energy analytics firm Vortexa.
– While many tankers are completely avoiding Bab el-Mandab, some, including Chinese ones, have permission from the Houthis to pass through. A growing number of tankers are also sailing with tracking systems turned off – said Morris.
Crude is still moving south through Bab el-Mandab, although the volume is about half what it was at the beginning of the month.
Blockade rhetoric reaches the canal
Iran has threatened to halt all energy exports from the Middle East, saying oil should not leave the region while the United States is blocking Iranian tankers. The Houthis have declared a blockade of all Saudi maritime transport, covering every vessel trying to carry crude to the Mediterranean after loading in Yanbu.
Both sides have demonstrated that the Suez Canal zone lies within range of their drones and missiles.
Źródło: WNP.PL, Fot. PAP/EPA/ABEDIN TAHERKENAREH
