Bloomberg reports that Saudi Arabia has increased its oil loadings from the Red Sea terminals in Yanbu to their highest recorded levels. In the first week of March, eight tankers, each capable of carrying around 2 million barrels, loaded oil from Yanbu and the nearby Al Muajjiz terminal as shipping traffic through the Strait of Hormuz has nearly come to a halt. This drastic increase in oil exports is a response to the diminished capacity for transporting oil through Hormuz, where very few ships have managed to traverse.