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The waves in the Red Sea are pushing global crude oil trade toward a major reshaping. After the Houthis attacked Saudi tankers and the Strait of Mandeb was disrupted, Saudi Arabia was forced to move crude north from Yanbu Port, crossing the Suez Canal, then rerouting through the Mediterranean Sea, the Strait of Gibraltar, and the Cape of Good Hope to reach Asia. The voyage length was extended from 19 days to 48 days; single-vessel fuel costs doubled from $1.26 million to $2.87 million. Combined with about $1 million in canal tolls, the shipping capacity bottleneck is difficult to ease.
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