Tanker Hit Near Yanbu, Suspicion Turns to Iran-Backed Houthis

A tanker has been hit by a missile in the Red Sea, near a strategic route Saudi Arabia uses to export its oil without passing through the Strait of Hormuz. The main concern relates not only to the fire caused on the vessel, but also to the location of the incident, outside Yanbu.

The United Kingdom Maritime Trade Operations (UKMTO) said the vessel was struck by an unidentified projectile approximately 63 nautical miles west of the Saudi port. The impact caused a fire to break out on the tanker’s main deck.

All crew members are safe and, so far, no pollution at sea has been detected. UKMTO has urged vessels sailing in the area to exercise caution. The tanker’s name and flag have not been made public, while no party has officially claimed responsibility for the attack.

Initial suspicions have focused on the Houthis, who have targeted ships and Saudi targets in the past. However, at this stage, any connection to the incident remains speculative.

Yanbu is considered a key security point for the global oil market. Through the East-West pipeline, Saudi Arabia’s crude oil is transported from the country’s eastern fields to the Red Sea coast, avoiding passage through the Strait of Hormuz.

But the risk now appears to be spreading to these alternative routes as well. Traffic through Hormuz is around 90% lower than pre-war levels, and the opening of a new front near Yanbu could further narrow the options for transportation. The attack comes as Riyadh is holding talks with insurers over the establishment of a state-backed scheme to cover war risks, worth up to 700 million Saudi riyals per incident.

If attacks in the region continue, the future consequences could be reflected in insurance premiums, transportation costs and the number of tankers available.

The security situation is deteriorating: Hormuz is being blocked, the Red Sea is facing attacks, and safe routes for exporting Gulf oil are becoming increasingly scarce.