You have to think about the transit time though. Shipping through suez, around Africa to Asia adds 3 weeks of extra transit time plus extra fuel burned for shipping. At current Saudi red sea exports of 4 million barrels per day, that's about 80-100 million barrels that will have to be taken out of reserves to make up for the three week gap. And that's assuming that Yemen won't send the occasional drone to strike Saudi ports and ships.Closing the Bab el Mandab is not that big of a deal. Because, as you said, ships can simply come through the Suez Canal and go back the same way. Hormuz is a real chokepoint cause there is no way out.
Paying slightly more fuel cost for shipping and going a bit more longer distance is a much better deal than not having any ability to go out.
The point at which OECD reserves run dry is approaching quickly


