The world‘s largest operator of oil tankers, Maersk Tankers, has notified its fleet to prepare to take a detour from the Red Sea as increasing attacks on merchant ships in the region threaten global energy flows.
The decision comes as the waters surrounding the Middle East become increasingly unstable, with oil tankers becoming targets of attacks by Yemen’s Houthi armed forces. The Red Sea is an important channel connecting the Mediterranean Sea and the Arabian Sea, and is an important oil transportation channel, handling more than 10% of global trade.
The detour would add days to journeys and consume more fuel, leading to rising crude oil transportation costs. Maersk Tankers’ decision may prompt other shipping lines to follow suit, further disrupting energy flows.
The Iranian-backed Houthis, who view Israel as an enemy, have repeatedly claimed to launch attacks on ships passing through the coast of Yemen. This week, a Norwegian-flagged oil tanker and a vessel transporting aviation fuel to the Suez Canal were attacked in the Red Sea. Last week, a U.S. merchant ship was also attacked.
These attacks have also led to higher insurance costs due to the increased risk, and energy expert Dan Yergin has warned that the escalating conflict in the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden, poses a real geopolitical threat facing oil markets.
The increasing danger in the Red Sea has prompted Maersk Tankers’ decision to detour its fleet, potentially causing ripple effects in global energy flows. The situation remains tense as the threat to merchant ships in the region continues to increase.