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OIL: Oil Firms Watch for Wider Industry Return to Red Sea Transit

OIL
BulletEnergy BulletsCommodities

Oil company executives encourage a cautious return to oil transport through the Red Sea and the Suez Canal, according to Reuters.

  • The Iran-backed Houthis promised to stop attacking ships in the Red Sea, except those flagged in Israel, following the Israel-Hamas ceasefire deal on Jan. 19.
  • A Liberian-flagged oil tanker, that was attacked last year, passed through the Red Sea this week, the Suez Canal said.
  • Firms were cautiously monitoring shipping conditions and competitors.
  • An increase in large energy companies navigating the Red Sea has yet to be seen but "would give confidence" to others, said Taghi Taghi-Zada at SOCAR.
  • "We need to watch and see what the wider industry does. We have to see how the insurance market possesses that risk," said Simon James at Equinor.
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Oil company executives encourage a cautious return to oil transport through the Red Sea and the Suez Canal, according to Reuters.

  • The Iran-backed Houthis promised to stop attacking ships in the Red Sea, except those flagged in Israel, following the Israel-Hamas ceasefire deal on Jan. 19.
  • A Liberian-flagged oil tanker, that was attacked last year, passed through the Red Sea this week, the Suez Canal said.
  • Firms were cautiously monitoring shipping conditions and competitors.
  • An increase in large energy companies navigating the Red Sea has yet to be seen but "would give confidence" to others, said Taghi Taghi-Zada at SOCAR.
  • "We need to watch and see what the wider industry does. We have to see how the insurance market possesses that risk," said Simon James at Equinor.