Why the oil market isnt freaking out about Houthi Red Sea attacks Middle East Eye | Makemetechie.com Summary
News Summary
- Norway-based oil tanker company Frontline also said it is diverting vessels on a longer journey around Africa.Armen Azizian, a crude market analyst at Vortexa, told MEE that tankers near the Yemeni coastline have begun pinging different locations to mask their position as a safety measure..
- 'The Houthis have been tremendously precise in not hitting non-western oil tankers'- Viktor Katona, KplerAt its narrowest point, the strait is just 18 miles wide, limiting tanker traffic to just two two-mile-wide channels for inbound and outbound vessels..
- "The risk premium in oil markets simply hasn’t been as elevated as one would have anticipated," Karen Young, an expert at Columbia University’s Center on Global Energy Policy, told Middle East Eye..
- Fotios Katsoulas, a lead analyst for tanker shipping at S&P, told MEE the companies that have diverted around Africa represent just a small portion of the global fleet.One reason could be that a big chunk of tankers operating in the Red Sea are carrying Russian crude..
- The Houthi attacks come as the oil market gushes with new supply, including in the US where production hit a new record..
- “The sophisticated Houthi targeting would indicate close guidance.”The Houthis are now engaged in direct talks with Saudi Arabia to turn a pause in Yemen’s fighting into a long-term peace deal, one that analysts say is likely to solidify the Houthis' grip on northern Yemen..
The oil market is keeping relatively cool as Houthi ballistic missiles and drones sputter across the Red Sea, confounding some experts who expected a bigger jump in energy prices.The US says Yemen [+8325 chars]
:max_bytes(150000):strip_icc()/Survivor-45-finale-photos-6-121823-a6b896a7dbe645a0bd14d07655af1621.jpg)
:max_bytes(150000):strip_icc()/gazelle-masked-singer-12192310-1319bdc797d04374b8701f9589ac72b4.jpg)
Never miss a story from us, subscribe to our newsletter