Saudi Oil Exports at Risk as Insurers Pull Red Sea Coverage After Houthi Attacks

Houthi attacks on oil tankers have led major insurers to withdraw war cargo coverage for Saudi-linked vessels in the Red Sea, threatening critical export routes. These incidents are driving up shipping insurance premiums and raising global oil supply concerns, with WTI potentially reaching $110 by July 2026. Meanwhile, the UN warns against further escalation in the US-Iran conflict and highlights the risks to global shipping regarding control of the Strait of Hormuz.