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.
144 Articles
144 Articles
East Idaho News
Escalating Middle East tensions increase gas prices in Idaho
IDAHO FALLS (Idaho Capital Sun) – Gas prices are up by 18 cents from last week across Idaho according to AAA, as the crude oil market continues to face pressure from intensifying conflict in the Middle East. Crude oil is now trading at nearly $88 a barrel after an attempt by Houthi rebels to block […] The post Escalating Middle East tensions increase gas prices in Idaho appeared first on East Idaho News.
The oil market has proven remarkably resilient, but that resilience now faces its biggest challenge since the start of the war with Iran.
Oil to End Year Near $100 on Mideast Disruptions, Rapidan Says
The breakdown of the US-Iran ceasefire threatens to leave Brent crude hovering around the $100-a-barrel mark well past July and into the end of the year, according to Rapidan Energy Group’s increased forecast.
The recent escalation in the Middle East has caused the oil price to explode. Gas prices are also rising now that the winter stores have to be filled. Austria's government is working on relief measures.
Coverage Details
Bias Distribution
- 37% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
