What a coincidence: Oil empire capitals Riyadh and Moscow both under attack at the same time

 Ukraine launches heavy Moscow drone attack as Russia votes

Flames, smoke seen near Riyadh airport; Houthis claim attacks on Saudi capital 

 

April 2024

 

I seem to remember Trump fighting these guys to a draw in the Red Sea in early 2025

 Iran-backed Houthis seize key port in Yemen, advance on another vital oil choke point

Saudis ramp up oil exports using Sumed pipeline to the Mediterranean, Sidi Kerir Egypt now exporting 2.3 mbpd in August, more than double the July level

Most of this oil is now going to Europe and the U.S. instead of Asia because of the extra time and shipping cost for going around Africa.

The UAE is now in the catbird seat for shipping oil to Asia, at least until Iran decides to attack Fujairah.

 

Saudi Arabia ramps up oil exports through Mediterranean pipeline to avoid attacks in Red Sea  

 ... Oil exports from Egypt’s Mediterranean port of Sidi Kerir have more than doubled to about 2.3 million barrels per day in August compared to around 1 million bpd last month, according to data provided by the trade intelligence firm Kpler. The majority of those exports are Saudi crude, said Matt Smith, director of commodity research at Kpler. ...

Saudi exports from Yanbu through the Bab el-Mandeb Strait were down nearly 90% to 1.3 million barrels during the week of Aug. 3, compared with 11 million barrels for the week of July 20 when the Houthis declared the embargo, according to Kpler data. ...

 

 

Middle East outbound oil flows through both Straits are back down in the range of 6 million barrels per day if Bab-el-Mandeb is now indeed a return to the pre-war level

 It appears that there is nothing extra coming out of the Red Sea anymore, diverted by Saudi Arabia west to Yanbu.

UAE moved 0.95 mbpd through Hormuz in July 2026, but 2.28 mbpd out of Fujairah which doesn't go through Hormuz, which would be in addition to the now ~6 million through Hormuz, yielding 8.28 mbpd approximately, as we speak.

That's 62% off the pre-war level of ~22 mbpd out of the Middle East.

Trump not vanquishing the Houthis in 2025 is America's chickens comin' home to roost.

 

Suez Canal Transits 2Q2026 vs. 2Q2023 are still down almost 48% for vessels and 60% for tonnage because of the Houthi threat in the Red Sea

 

2Q2026

Number of vessels 3580 (down 47.8%)

Net Ton 163,899,000 (down 59.7%)

 

Number of Tankers 1526 (down 31.7%)

Net Ton 77,558,000 (down 27.9%)

Tankers per day 16.8 

 

2Q2023

 

Number of vessels 6856

Net Ton 407,119,000 

 

Number of Tankers 2235

Net Ton 107,592,000

Tankers per day 24.6 

 

Middle East tanker traffic July 23-29, 2026: Strait of Hormuz 1.3 per day, Bab-el-Mandeb Strait 10.7 per day

 I find the Traffic Trends claim in JMIC Update 078 for BAM REALLY difficult to believe.

Combined cargo and tankers in the tables averages 35 per day on July 28 and July 29 compared with baseline 60.

Baseline tankers alone would be 30 per day, instead they're showing 13 per day average for the two days, 10.7 per day over the seven days. 

The claim is that vessels are running dark. 

But the Saudis are loading NOTHING at Ras Tanura in the Persian Gulf, where there is also oil in the water in satellite photography, and the Houthis droned Saudi oil infrastructure to Yanbu in the Red Sea on Monday. 

Meanwhile somebody droned two gas vessels at the Egyptian port of Damietta on The Med on Wednesday, clearly meant to signal that the Suez option's days may be numbered.

The oil business is a confidence game, and the authorities have a vested interest in maintaining it to prevent public panic.

Gasoline is now $4.49/gallon where I live. 

Middle East tanker transits July 21-27, 2026: Strait of Hormuz 1.1/day, Bab-el-Mandeb Strait 9.9/day

Vessels evidently are running dark to avoid being targeted by the Houthis.  

JMIC Update 077:

... Open-source data tracking Bab el Mandeb transits with AIS-on decreased from an approximate daily average of 50 vessels to 20 since July 24th. Coalition naval units are present in the area. ...

Middle East tanker transits July 16-22, 2026: Strait of Hormuz 2.0/day, Bab-el-Mandeb Strait 14.6/day

BAM transits fell in JMIC Update 075 to 10.0/day since the Houthi Rebels announced on July 20 a blockade of Saudi shipping through the chokepoint. SE traffic fell to 4.0/day.

A product tanker is at anchor in the Red Sea off the coast of Saudi Arabia after it was attacked by the Houthis on July 22.

Professional observers report some tankers abandoning their runs SE and turning back NW while Chinese VLCCs apparently are being green-lighted through despite loading with Saudi oil at Yanbu. 

VLCCs fully laden cannot transit the Suez Canal due to size constraints and must partially off-load before transiting and then re-load on the Mediterranean side of the canal.

 

Middle East tanker transits July 14-20, 2026: Strait of Hormuz 3.4/day, Bab-el-Mandeb Strait 17.3/day

 From JMIC Update 074:

... According to regional reporting, Iran has instructed the Houthis to stand ready to close the Red Sea oil route should the United States strike Iranian power infrastructure. Sources close to the group stated that the Houthis have completed preparations to attack shipping, including the deployment of missiles and drones positioned near Bab el-Mandeb. ...

Looks like Trump's 2025 loss in the Red Sea is coming back to bite

 Iran’s Houthi allies declare maritime embargo against Saudi Arabia, escalating threat to oil market

Meanwhile CNBC has an excellent story with great interactive graphs of vessel transits through the Strait of Hormuz and the Bab-el-Mandeb Strait before and after the Houthi and Iran conflicts

 And it's quite clear that the Iran war has had no real effect on the number of vessel transits through the Bab-el-Mandeb while destroying transits through the Strait of Hormuz.

Increased Saudi reliance on Yanbu on the Red Sea might change BAM transits in the future, but to what extent transits through SoH might recover is very difficult to say.

BAM transits never recovered from the Houthi threat, and SoH transits may not from the Iran threat, with serious implications not just for oil but for important bulk materials like fertilizer and helium.

SoH transits:

Feb 24 2026: 107.29

Apr 18 2026:   12.57

May 24 2026:    6.00

 

BAM transits:

 

May 24 2023: 82.86

Feb 26 2026:  40.14

May 24 2026: 38.14 

 

Oil exports through the Strait of Hormuz might not return to levels seen before the Iran war

... Daily traffic through the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden, collapsed by more than half from 75 ships on Nov. 19, 2023 to 31 vessels by January 30, 2024. More than two years later, traffic through the strait still has not returned to the levels once considered normal. ...

Robert Kagan: Trump seems to hope to slip away without Americans noticing the magnitude of this defeat

Which is exactly what Trump did a year ago in the Red Sea.

Beyond the near term endgame Kagan describes, and the isolation of Israel in particular, Trump's cowardice, weakness, and incompetence will have the unintended consequence of reinvigorating the climate and green energy madness which has already weakened the West. 

From the story here: 

... In a phone call with Israeli Prime Minister Benjamin Netanyahu yesterday, Trump reportedly explained that the United States was negotiating a “letter of intent” with Iran that would “formally end the war and launch a 30-day period of negotiations” on Iran’s nuclear program and the reopening of the Strait of Hormuz. The purpose and effect of such an agreement should be clear: The United States is walking away from the crisis.

... Trump has blinked many times in the confrontation with Iran—ever since March 18, when Israel attacked the Pars gas field and Iran retaliated with a strike against Qatar’s most important natural-gas-production facility. Trump then called for a halt on U.S. and Israeli targeting of Iran’s energy infrastructure, and the war effectively ended. 

... [Iran's] terms for a settlement are those of a victor: They demand war reparations, no limits on uranium enrichment, recognized control of the strait, and an end to sanctions. For Trump to respond to this defiance by now calling for another 30 days of cease-fire and talks is a tacit admission of defeat.

... with 30 more days to heal, rearm, and fill its coffers with tolls, Iran will be a more formidable adversary. In 30 days, moreover, the new Iranian strait regime may already be firmly in place. As the Institute for the Study of War reports, Iran has been using the cease-fire period [since April 7] to “normalize” its control over the strait by “compelling oil-importing countries” to establish transit agreements with Tehran and charging fees on vessels from nations without such deals.

... Now that Trump has made clear he has no intention of fighting to reopen the strait, the stampede to get good terms with Tehran will begin. 

... By the end of 30 days, most of the world will have a stake in the new arrangement and will oppose any resumption of hostilities, even in the unlikely event that Trump wanted to go back to war. Trump no doubt hopes that he can slip away without Americans noticing the magnitude of this defeat.

... The president may also hope that he can change the subject by launching another military operation, this time against the government in Cuba. ...

Christopher Caldwell for The New York Times thinks the American Empire has met its match in the Persian Gulf when it already met it a year ago in the Red Sea

... the United States lacks the military means to impose its will on Iran in a long conflict. In 1991 a million soldiers from more than 40 countries were needed to reverse the invasion of Kuwait carried out by Saddam Hussein’s Iraq, a country less sophisticated than Iran and a fraction of its size. When Iran and Iraq fought each other to a standstill in the 1980s, deaths ran into the hundreds of thousands on each side. The United States would have to send a significant portion of its armed forces — which total only 1.3 million troops — to stand a chance of subduing Iran, and that force, if successful, would have to stay for a long time. ...

Here.

Caldwell is just as blind as Trump.

Neither one gets it that the lowly Houthis already beat us to a draw last year in the Red Sea.

Nothing is moving out of the Persian Gulf today, and tanker traffic through the Red Sea is less than half what it used to be in 2022, even under the new conditions of a world desperately thirsty for the Middle East oil no longer coming out of the former.

And neither one gets it that you can't have an American Empire without paying for it. 

We're $39 trillion in debt and can no longer impose our will in the world's vital choke-points because elites have pretended since Reagan that low marginal income tax rates are sufficient to maintain American Empire when what those rates have done is impoverish us and enrich our adversaries.

1,135 billionaires are the symbol of our lost empire. 

Caldwell steers well clear of naming the obvious remedy, and Trump's Big Ugly Bill will  do nothing but put America $62 trillion in debt by the end of 2032.

Taxes must be raised . . . a lot.

Ronald Reagan's goal of a 600-ship U.S. Navy made it to 594 in 1987, but in 2026 we can barely deploy 300 because of Bill Clinton, but Trumpty Dumpty never mentions that

 

 After the end of the U.S.S.R. in 1991, Bill Clinton gutted the Navy.

We went from 541 ships in 1992 to 336 by 1999.

And now we can't stop the Houthis in the Red Sea, nor Iran in the Persian Gulf. 

In other words, this would mean Trump is going to cut and run from the Persian Gulf just like he cut and ran from the Red Sea on May 6, 2025

 Trump Tells Aides He’s Willing to End War Without Reopening Hormuz: Administration officials assess that forcing the waterway back open would mean extending the military mission

WASHINGTON—President Trump told aides he’s willing to end the U.S. military campaign against Iran even if the Strait of Hormuz remains largely closed, administration officials said, likely extending Tehran’s firm grip on the waterway and leaving a complex operation to reopen it for a later date.

In recent days, Trump and his aides assessed that a mission to pry open the chokepoint would push the conflict beyond his timeline of four to six weeks. He decided that the U.S. should achieve its main goals of hobbling Iran’s navy and its missile stocks and wind down current hostilities while pressuring Tehran diplomatically to resume the free flow of trade. If that fails, Washington would press allies in Europe and the Gulf to take the lead on reopening the strait, the officials said. ...

 

Donald Trump . . .

 

The Houthis have joined Iran by restarting hostilities against Israel

Trump couldn't finish the Houthis off last year, and now they come back to bite.

Oil tankers filling at Saudi Arabia's Yanbu port in the Red Sea because it was too dangerous in the Persian Gulf may soon have nowhere to fill.

All because Donald Trump has been mistaken twice in the Middle East.

The energy crisis will soon be a global energy catastrophe, leading to an inflation catastrophe, leading to an economic catastrophe. And maybe a world war.

 

 

The Trump administration learned nothing from its fight to a draw with the Houthis last year

... Iran is still believed to have a vast stockpile of mines, cruise missiles on trucks and hundreds of undamaged boats in hidden facilities with deeply dug tunnels along the coast and on islands, said Farzin Nadimi, an expert on Iranian defenses at the Washington Institute for Near East Policy.

“I think it will take weeks to reach a point where there can be safe operations in the strait,” he said. “Even then, a lot of the Iranian assets will survive.” ...

Houthi militants in Yemen, who are aligned with Iran, waged a two-month campaign last year with missiles, drones and unmanned boats against international shipping that parallels Iran’s closure of the strait. The U.S. struck more than 1,000 targets in Yemen, but never succeeded in halting Houthi attacks fully until the two sides declared a truce in May. ...

More. 

The 2024 pro-peace ticket shunned Ukraine like the plague and promptly launched strikes in seven other nations

 

Net tons through the Suez Canal in 2025 came to 0.52 billion vs. 1.41 billion in 2022, down 63%

 Trump's 7-week Operation Rough Rider against the Houthis was a total, and expensive, failure, compounding Biden's.

The pirates and terrorists won in the Red Sea.

... The first month alone of Trump’s bombing campaign cost more than $1 billion in weapons and munitions. ...