United States Central Command (CENTCOM) confirmed that the US forces carried out another airstrike on Houthi targets in Yemen on January 13. “This strike was conducted by the USS Carney (DDG 64) using Tomahawk Land Attack Missiles and was a follow-on action on a specific military target associated with strikes taken on Jan. 12 designed …
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Oil jumped as the US and allies launched airstrikes against Houthi rebels in Yemen, stepping up retaliation for attacks on ships in the Red Sea that have imperiled flows of fuel and goods through the vital waterway. President Joe Biden said strikes had been successfully conducted against a number of targets used by the Iranian-backed …
Continue reading “Oil jumps by over 3.5% amid Red Sea tensions”
Tensions in the Middle Eastern shipping lanes continued to run high on Thursday amid reports of a hijacked oil tanker in the Gulf of Oman, which was boarded by masked individuals and forced to alter course toward Iran. The UK Marine Trade Operations (UKMTO) said on Thursday that it had received a report of a …
Continue reading “Oil Prices Surge Following Oil Tanker Hijacking in Gulf of Oman”
A fresh escalation of violence in the Middle East pushed oil prices higher early on Thursday, even after Wednesday’s session ended with losses for both WTI and Brent. Those losses were driven by an unexpected build in U.S. crude oil inventories and another round of substantial builds in fuel inventories. However, also on Wednesday Israel …
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United Kingdom Maritime Trade Operations (UKMTO) said on Thursday that it was notified of a ship incident near the coast of Oman. “UKMTO has received a report of an incident approximately 50NM [nautical miles] East of Sohar, Oman” the institution explained on its X account, adding that officials are currently inspecting the details surrounding the …
Crude oil prices moved lower today after the U.S. Energy Information Administration estimated a relatively moderate inventory build in crude all and also reported sizeable increases in fuels for the first week of 2024. In crude, the EIA reported an increase of 1.3 million barrels At 432.4 million barrels, inventories are about 2% below the five-year …
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London CNN — Attacks by Iran-backed militants in the Red Sea have effectively closed one of the world’s main trade routes to most container ships — vessels that carry everything from car parts to Crocs from one corner of the globe to another. A prolonged closure of the waterway, which connects with the Suez Canal, …
Continue reading “Red Sea crisis could clobber the global economy”
Commercial crude oil inventories in the United States, not considering those in the Strategic Petroleum Reserve (SPR), increased by 1.3 million barrels to 432.4 million barrels in the week ending January 5, the Energy Information Administration (EIA) stated in its report published on Wednesday. Oil refinery inputs averaged 16.5 million barrels per day (bpd) during …
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Yemen’s Iran-backed Houthis claimed responsibility for a new assault on a ship in the Red Sea, this time on a United States vessel, allegedly transporting missiles and weapons to Israel, as reported by the group’s spokesperson, Yahya Saree, on Wednesday. “The naval forces, the missile force, and the unmanned air force of the Yemeni armed …
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Despite missile and drone attacks on container ships in the Red Sea from the Yemeni Houthis, tanker traffic remained stable in December, Reuters has reported, citing vessel tracking data. On a daily basis, the data showed there were 76 tankers carrying crude oil and fuels in the Red Sea. This, Reuters wrote, was just two …
Continue reading “Red Sea Oil Transport Uninterrupted Despite Regional Unrest”