Asian refiners are rejecting Saudi Aramco’s requests to load crude oil from the Yanbu port on the Red Sea.
Buyers cite escalating security risks and the difficulty of securing tankers willing to navigate waters targeted by Iran-backed Houthi militants.
The resistance threatens Saudi Arabia’s strategy to use Yanbu as a critical export terminal to bypass disruptions in the Strait of Hormuz.
Logistical shifts to alternative sites like Egypt’s Sidi Kerir port could significantly increase shipping costs for the state-owned oil giant.