Saudi oil sales to India face 50% freight hike amid Houthi Red Sea blockade as ships eye longer Suez Canal route
Shipping freight rates for crude oil imports from Saudi Arabia to India may rise by 50% due to a blockade of the Bab el-Mandeb Strait by the Houthi militia. This blockade forces ships to take a longer route through the Suez Canal and around the Cape of Good Hope, increasing costs and extending delivery timelines by approximately two weeks. As a result, India's energy import bill is expected to increase significantly, impacting the country's oil supply chain.