Russia's Refineries Get Hit, Yet Crude Exports Keep Rising

A Bab el Mandeb Strait closure would strain global oil logistics but is unlikely to spark a major crude oil price spike. Alex Hodes, Director of Energy Market Strategy at StoneX, explains what a Bab el Mandeb Strait closure means for crude oil, diesel, and global freight. Yanbu Port in Saudi Arabia has absorbed diverted volumes since the Strait of Hormuz became a flashpoint, pushing cargoes toward the Suez Canal and adding weeks to delivery for Asian buyers. Diesel markets react first, while a separate outage at the Black Sea's CPC terminal shows how exposed Russian refining has become. 0:00 Oil Loses Its Safety Valve 0:49 Yanbu Port Nears Its Limits 2:39 Diesel Feels the Impact First 3:43 Suez Detour, Weeks Not Days 4:53 Reroutes Raise Freight Costs 9:20 Refineries Hit, Exports Rise 11:56 Refiners Eye Discounted Crude Discover Actionable Energy Insights with StoneX Market Intelligence: https://shop.stonex.com/collections/energy?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_alex_hodes&utm_content=share Like and subscribe for more financial market insights. #StoneX #AlexHodes #CrudeOil #RedSea