Oil prices jumped on Thursday as the fallout from the US-Iran conflict appeared to spread to the Red Sea.
Oil prices reach six-month peak amid escalating tensions in the Middle East.
Oil prices have surged to a six-month high following reports that Israel is preparing for possible attacks from Iran.
Concerns Over Potential Supply Shortage Propel Oil Prices Over $90
Oil recently hit its highest point in five months as Israel gears up for possible retaliatory actions from Iran following its attack on the Iranian embassy in Syria.
Oil prices exceed $91 due to rising tensions in the Middle East.
Oil recently hit its highest point in five months as Israel gears up for possible retaliatory actions from Iran following its attack on the Iranian embassy in Syria.
Oil on Track for Biggest Weekly Increase in Three Months
Oil is poised for its most significant weekly rise since October, fueled by the ongoing Red Sea crisis and China’s economic stimulus measures, potentially boosting demand.
Traffic in the Suez Canal plummets following Houthi assaults.
Tanker traffic in the Suez Canal has dropped to levels not seen since the Covid pandemic, as Houthi attacks disrupt oil and petrol deliveries.
Oil consumption is expected to halve this year, dealing a significant setback to both Putin & Saudi Arabia.
An official report indicates that this year will see a halving in oil demand, impacting both Vladimir Putin’s war-driven economy and Saudi Arabia, the world’s top oil producer.
Oil Tankers Reroute Away from Red Sea Following Strikes in Yemen by US and UK
A growing number of tanker operators are avoiding the Red Sea, with several tankers altering their routes on Friday, as indicated by shipping data.
Saudi Arabia will not hold responsibility for oil supplies shortage caused by Houthi attacks
Saudi Arabia won’t be held responsible for any oil shortages in global markets due to Houthi attacks on oil facilities. This was stated by the Saudi energy ministry on Friday,