The Saudi move that changes the energy map in the Middle East?
Spoiler - depends on the Yemenis. Saudi Arabia announced the full operation of the "East-West" oil pipeline - a move that allows the flow of 7 million barrels of oil per day directly to the "Yanbu" port - in the Red Sea.
This is a huge strategic change - the pipeline allows the Saudis to completely bypass the Strait of Hormuz - which has been effectively blocked by the Iranians.
The economic significance here is enormous.
Out of about 20 million barrels that pass through the Strait of Hormuz daily, Saudi Arabia's ability to transfer its share via an alternative route significantly weakens Iran's power to threaten the global energy market.
If we add the UAE's Fujairah pipeline to this -
We reach a total bypass capacity of about 8.5 million barrels per day.
Which provides a significant safety net for global oil supply - especially when we see that the first tanker has already left the new route on its way to Japan.
On the other hand, it is also important to understand that this solution is not immune to malfunctions or risks.
Tankers leaving Yanbu port must pass through the Red Sea and from there through the Bab al-Mandab Strait.
This area became a focal point of high tension over the weekend - especially as Houthi rebels in Yemen threatened to assist the Iranians and block the Bab al-Mandab Strait.
Which means the security risk has not disappeared but has simply moved to a different geographical point.
So even though the technical ability to bypass Hormuz exists - could a blockade of Bab al-Mandab lead to a situation where the new route is also blocked?
Which leaves the market on high alert regarding security developments in the region.
We are monitoring.