Saudi Arabia has dramatically scaled up crude oil exports through its Red Sea port of Yanbu, with volumes climbing from approximately 1 million barrels per day to around 5 million barrels per day, as tanker activity through the Strait of Hormuz continues to operate at a fraction of typical levels. The data comes from Clarksons Research, as cited by Ship & Bunker on March 30, 2026.
Hormuz Traffic at Historic Lows
According to Steve Gordon, Global Head of Clarksons Research, just 13 tankers transited the Strait of Hormuz in the most recent weekly period — up marginally from 10 vessels the prior week, but still dramatically short of the roughly 250 vessels that would ordinarily pass through in a comparable timeframe. The ships that did transit carried approximately 14 million barrels of crude, compared to a normal weekly volume of around 300 million barrels.
As Ship & Bunker reports, Hormuz tanker traffic now stands approximately 95% below pre-conflict levels, forcing the global oil trade to adapt rapidly to the constrained chokepoint.
Pipeline Capacity Fills the Gap
The sharp rise in Yanbu exports reflects the full utilisation of Saudi Arabia’s overland pipeline infrastructure, which connects Gulf oil fields to the Red Sea coast and bypasses the Strait of Hormuz entirely. Clarksons Research notes that US crude exports are also positioned to reach around 5 million barrels per day, supported by strong arbitrage conditions.
Iranian crude exports, meanwhile, have remained broadly steady at over 1.5 million barrels per day, according to the same research update.
Tanker Earnings Surge on Tight Supply
Despite the steep drop in overall voyage volumes, tanker earnings have surged sharply. Ship & Bunker reports Suezmax day rates at $330,000 and Aframax rates at $285,000, driven by a combination of constrained vessel availability and longer voyage distances as ships reroute away from the Gulf.
Freight costs have climbed in parallel, while bunker prices in Singapore have eased somewhat from recent peaks but remain well above levels seen at the start of the year, according to the report.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker (Clarksons Research)
