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Crude Oil, Refined Products, Maritime & Shipping
December 19, 2024
HIGHLIGHTS
Two killed at Ras Isa oil facility on the Red Sea: report
Tugboats damaged at Hodeidah port
Attacks follow Houthi attacks on Red Sea shipping
The Israel Defense Forces launched fresh strikes on Yemen's Red Sea ports of Hodeidah and Ras Isa Dec. 19, hitting oil storage facilities and other energy infrastructure, according to the Israeli Defense Forces and local media reports.
The IDF said it struck military targets, including ports and energy infrastructure in the rebel-held capital Sana'a, and came after the militant group had fired a missile toward central Israel.
Nine people were killed in Israeli attacks on Hodeidah including seven people in the port and two people at the Ras Isa oil facility, according to Al Masirah TV, the main news outlet run by the Houthis. Israel last attacked the Yemeni ports in late September.
The latest strikes also damaged a power station in Sana'a, marking the first time the IDF has hit the city, according to the reports.
Security consultancy Ambrey said a video of the incident appeared to show an explosion at one of the oil depots targeted. It said it had also received reports that three tugboats were heavily damaged as a result of the IDF airstrike on the port of Hodeidah.
The attacks come after a major campaign to attack commercial shipping in the Bab al-Mandab Strait carried out by Houthi rebels, causing major disruption to oil supplies in the region. The attacks started after Hamas attacked Israel on Oct. 7, 2023, triggering retaliatory attacks from Israel. Houthi attacks have led many shipping companies to reroute deliveries around Africa, which takes significantly longer and is more expensive.
S&P Global Commodity Insights analysts estimate that supplies of crude, condensate and refined products through Bab al-Mandab were around 3.3 million b/d in the first half of 2024 -- half the average daily volume of 2023 supplies.