Saudi Crude Flow From Red Sea Hit Record Before Houthi Warning

Saudi Arabia exported record crude oil volumes of 5.9 million barrels a day from its Red Sea terminals at Yanbu in the week to July 17, before easing to 5.5 million barrels a day by July 20. Yemen-based Houthis have since announced a blockade of Saudi shipments in response to the Saudi siege on Sana'a, potentially threatening the kingdom's ability to reroute oil flows away from the Persian Gulf. Crude futures were trading near $89 a barrel, with a successful blockade likely to add to the rally, posing risks for major importers like India.