Saudi oil rerouted through Suez raises tanker costs, Mario Nawfal notes

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24.07.2026

Saudi oil rerouted through Suez raises tanker costs, Mario Nawfal notes — Saudi oil costs surge on Suez route

Mario Nawfal, founder & CEO at IBC Group, reports that Saudi oil is being shipped via the Suez Canal due to ongoing disruptions at Hormuz and Bab el-Mandeb.

According to LSEG data, fuel costs for a Saudi oil tanker rise from about $1.26 million to $2.87 million when transiting the Suez route, highlighting the significant expense of the backup plan.

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Nawfal has previously commented on major market developments. He reported that the top ten S&P 500 firms held a record 43 percent share of the index for 12 straight months. In a separate update, he discussed SpaceX's launch of the STARMIND AI satellite network from space.

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