Shipping rates at Yanbu, Saudi Arabia double as Aramco seeks to divert oil from Hormuz to Red Sea, sources say
ReutersMar 3, 2026 3:48 PM
HOUSTON, March 3 (Reuters) - Shipping rates at Yanbu on Saudi Arabia's western Red Sea coast more than doubled to $28 million per oil tanker as Aramco seeks to divert oil from the Strait of Hormuz to the Red Sea, traders and brokers said on Tuesday.
Some oil tanker fixtures to Yanbu are still failing however, as shippers avoid the Middle East altogether, sources said.
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