Real Oil Crisis Looms: Red Sea Route Under Threat After Hormuz Closure

• The Strait of Hormuz, supplying 20% of global oil, closed due to Iran-Israel war, forcing companies to find new routes.
• The Red Sea emerged as an alternative, with supply doubling, but now faces threats from Iran.
• Saudi Aramco rerouted millions of barrels via Red Sea pipelines from Yanbu, but Iran warned of targeting US naval bases there.
• Houthi militants previously attacked Red Sea ships, forcing rerouting around Africa and increasing costs.
• The growing threat in the Red Sea could further deepen the global oil crisis, impacting countries like India.