Saudi Arabia is offering its long-term customers an alternative oil supply route through the Red Sea’s Yanbu port, as Iran has blocked the Strait of Hormuz. However, customers opting for this route will receive their monthly supply or slightly less. The Strait of Hormuz remains the preferred route as it is the shortest passage from the Gulf to Asia, allowing all cargo and tankers to pass without restriction. The Red Sea-Saudi route has limited tanker capacity and faces Houthi attack risks. India, which receives 50 per cent of its oil supplies from Gulf states, has been allowed two oil tankers to pass through the Strait of Hormuz following talks with Iran. Other alternatives include the UAE-Hafshan-Fujairah route, which is limited to small cargo ships, the Iraq-Kirkuk-Sihan route with Mediterranean access but frequent sabotage risks, and the Cape of Good Hope route, which avoids choke points but takes three to four weeks.
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