How Red Sea Disruptions Are Affecting Global Oil Prices
The attacks on two tankers deepened fears of wider supply disruptions as Brent crude rose 5 percent to above $98 a barrel, officials said.
- Iran-Aligned Houthis claimed attacks on two Saudi tankers, Encelia and Layla, in the Red Sea on Thursday, prompting Brent Crude prices to surge 7% above $100 a barrel for the first time since May.
- Following Monday's announcement of a naval blockade against Saudi Arabia, ship-tracking data shows the Encelia altered course near Farasan islands and halted around 100 miles from Yemen's shores after signaling an emergency.
- UK Maritime Trade Operations reported a vessel struck by an "unknown projectile" off the coast of Saudi Arabia, causing a fire at the bow; all crew members remained safe, according to Saudi authorities.
- Condemning the attacks on Thursday, Secretary of State Marco Rubio noted one struck vessel was "flagged Chinese," risking diplomatic friction with another major power amid escalating Middle East tensions.
- Maritime intelligence agency Lloyd's List warned of a "double blockade" threatening the Strait of Hormuz and Red Sea, routes carrying around 20 percent and 7 percent of global oil supplies respectively, severely imperiling Asian importers.
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111 Articles
The Iran war continues to escalate and energy prices are rising. Nevertheless, experts maintain that there could soon be an oversupply of oil and gas on the world market. However, relying on it is risky.
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Houthis Attack Saudi Oil Tankers in the Red Sea
The price of Brent crude oil, the international benchmark, rose to almost $99 a barrel after Iran’s Houthi allies in Yemen struck two Saudi oil tankers in the Red Sea. The Houthis’ strikes were the first since the group announced a blockade on Saudi ships earlier this week, which has the potential to create a second choke point for global shipping. According to the Houthis, the Encelia and the Layla were violating their blockade. The group claim…
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Oil falls 3% to below $100/barrel but eyes weekly rise amid Trump's threats to Iran — Latest updates
Oil futures fell over 3% due to disruptions in the Red Sea and heightened U.S.-Israeli-Iran tensions. Brent dropped to $97.10, but is on course for a 10% weekly gain, while WTI is set for an 8% increase amidst fears of further supply constraints.
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