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High-Sulfur Fuel Oil Surges Over 3% on July 23 as Houthi Threats Disrupt Middle East Shipping

2026-07-23 11:41:18

FUEL6.99%

According to Huawen Futures, high-sulfur fuel oil prices surged over 3% on July 23 as geopolitical risks extended to the Mandeb Strait. Yemen's Houthi forces warned vessels to avoid Saudi ports, prompting four oil tankers to alter course in the Red Sea on Wednesday, with two rerouting toward the Suez Canal. The Mandeb Strait handles approximately 7.4 million barrels of oil daily, representing about 7% of global crude output, according to Kpler data. As a major supplier of high-sulfur fuel oil from the Middle East—accounting for roughly one-third of domestic imports—disruptions at the strait reduce crude availability at the cost end, supporting fuel oil prices.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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