Episode 103: The Houthis hit Yanbu. Where does crude go now?

Trade with Conviction · Jul 23, 2026 · 29m

Houthi attacks on Saudi vessels loading at Yanbu leave seven million barrels of crude searching for a route. Felipe Elink Schuurman, James Noel-Beswick and Jay Maroo on Suezmax freight, why diesel still looks undervalued, and the crude spreads with room to run.

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Chapters:

(01:11) Risk stacks up: Houthis, Yanbu and CPC — Attacks on Saudi vessels at Yanbu and 1.5m b/d of Kazakh crude offline stack the risk higher.

(03:48) Seven million barrels with nowhere to go — Yanbu crude needs a new route north via Suez or around the Cape. Costlier…