Free Trial

Receiving Support From Read Sea tension

OIL

Our commodities team notes that crude oil is gaining ground to reverse some of the decline seen late last week, with rising tensions in the Middle East at the fore.

  • Iran has sent a warship to the Red Sea after three Houthi boats were sunk as the US responded to further vessel attacks.
  • Maersk has again suspended all Red Sea transit, with ships diverted around southern Africa.
  • They go on to suggest that upside remains limited due to strong non-OPEC production and scepticism towards OPEC+ member commitment to output cuts. Global economic uncertainty, especially from China, adds to the downside pressure, with weaker-than-expected official manufacturing PMI data observed, while President Xi Jinping flagged economic headwinds.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.