AGP Executive Report
Last update: 3 hours agoRed Sea Shipping Under Strain: Yemen’s internationally recognized government warns the Houthis, backed by Iran, are building a system to collect tolls from commercial vessels through Bab al-Mandeb and the Red Sea, with IRGC-linked experts involved in the framework. Maritime Incidents Near Yemen: Two separate attacks reported around Yemen’s coast—an Indian vessel sank off Hodeidah with all 14 crew rescued, and another Indian ship was reported sunk after an explosives-boat strike in the Red Sea south of Al Hudaydah, also with all crew saved. Oil Market Shock From Chokepoints: Saudi Aramco says the Strait of Hormuz closure has driven the world to lose over 2.6bn barrels of oil since February and warns inventories may take up to 18 months to replenish if the strait reopens. Aramco Export Workarounds: Aramco is studying expansion of the East-West pipeline and new export routes as Red Sea risks and Hormuz disruptions squeeze flows. Diplomacy vs. Uncertainty: Qatar and U.S. officials say progress is being made toward reopening Hormuz, but Iran denies direct talks with Washington, keeping shipping risk elevated.
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