Seaborne oil flows via the Suez Canal could be almost two-thirds lower by the end of January as oil majors and tanker companies reroute to avoid the risk of Houthi attacks, according to the International Energy Agency.

The IEA said tanker flows through the canal could decline to “minimal levels” with oil majors Shell and BP and Equinor and shipping companies including Stena Bulk, Hafnia, Torm and Euronav all reported to have halted transits via the Red Sea.