Saudi Pipeline Strikes Force Hormuz Reroute, Sending VLCC Rates to Record Highs
After Houthi drones crippled Saudi Arabia’s East-West pipeline, Riyadh restored lost exports by channeling an extra ~2 million bpd through the Strait of Hormuz, triggering a scramble for ships that pushed very-large crude carrier (VLCC) hire costs above $1 million a day.