Mubasher: Saudi Arabia,  the world's largest oil exporter, suspended oil shipments through Bab Al-Mandab Strait, after Iran-aligned Houthi movement attacked two Saudi carriers in the Red Sea.

“All oil shipments passing through Bab Al-Mandab Strait have been suspended temporarily until navigation through the area is secure,” Energy Minister Khalid Al-Falih said on Wednesday in a statement released through the Saudi Press Agency (SPA) and state TV Al-Ekhbariyah.

The two giant oil tankers, attacked by the Houthis in the Red Sea after crossing Bab al-Mandab, belong to the Saudi National Shipping Company, each carrying 2 million oil barrels, both Al-Falih and Saudi Aramco confirmed in their statements.

“One of the ships sustained minimal damage, [while] no injuries nor oil spill have been reported,” Aramco said, adding that the shipment suspension came “in the interest of the safety of ships and their crews and to avoid the risk of oil spill.”

Earlier in the day, the pro-Houthi TV said briefly that the movement targeted a Saudi warship called Al-Dammam, while the Arab Coalition said that crude oil carriers were attacked. The Coalition repeatedly warned that Houthi fighters threaten vessels in the Red Sea through controlling strategic Hodeida port.

By 8:37 am GMT, US Nymex futures fell 0.25% to $69.13 per barrel (pb), as global benchmark Brent crude futures rose 0.61% to $74.38 pb.