Following US-led airstrikes and heightened tensions in the region, major shipping bodies advised operators to avoid the Red Sea for up to 72 hours. Commercial shipping through the Bab al-Mandab Strait significantly dropped on January 12, with only 20 ships entering compared to the usual average of 38. Shipping entities like Bimco and Intertanko recommended halting Red Sea transit, impacting tanker companies like Danish firm Torm. Despite the caution, over 290 commercial ships, including 125 oil, chemical, LNG, or LPG tankers, were still in transit in the Red Sea and Suez Canal. The situation led to a spike in Brent crude futures and concerns about disruptions to trade flows from a region supplying 60% of the world's seaborne crude.

Source: Platts