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Middle East Shipping Tensions Remain Supportive for Oil

OIL

Tensions remain high within the Red Sea after Iran dispatched a warship to the region this week – a move supportive of oil.

  • Iran announced on Monday via state media it had sent the Alborz destroyer through the strategic Bab al-Mandeb Strait but did not provide details on the purpose of the mission.
  • It added that Iran’s naval fleet has been operating in the area “to secure shipping lanes, repel pirates, among other purposes since 2009”.
  • More warships are amassing in the region, including those from the US and Britain. Britain’s Defense Secretary Grant Shapps said on Monday, Britain was “willing to take direct action” against the Houthis “to deter threats to freedom of navigation in the Red Sea”.
  • It comes after the US navy destroyed three Iran backed Houthi rebel vessels at the weekend following a response to a distress call from a Maersk vessel under attack.
  • There has been a spike in booking costs for some tankers taking lengthy diversions to avoid disruptions at the Suez and also Panama canals.
Energy BulletsCommodities
Energy BulletsCommodities

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