Shipping rates at Yanbu Saudi Arabia, more than doubles to USD 28ml per oil from Strait of Hormuz to the Red Sea

The surge in shipping rates from the Strait of Hormuz to Yanbu, now exceeding USD 28 million per oil shipment, signals a significant supply-side constraint. This doubling of costs can lead to tighter oil supply and higher prices in global markets, impacting inflation and the broader commodities landscape. Traders should monitor how this development affects WTI pricing and possible knock-on effects for currencies linked to energy revenues, particularly the USD and commodity-linked currencies.