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Red Sea Continues to Pose Upside Risk for Oil Market

OIL

Red Sea shipping disruptions and the Middle East conflict are still posing risks to oil markets according to an oil expert panel.

  • The redirection of oil flows due to Red Sea tensions has caused tightness in the Atlantic Basin oil market, Damien Courvalin, chief commodities strategist at Balyasny Asset Management, said, cited by Bloomberg.
  • Courvalin added that the market has learned to be cautious about disruption risks and prematurely pricing in significant disruptions.
  • Around 2mbpd of oil have been rerouted by the attacks in the Red Sea, Giovanni Serio, global head of research at Vitol, said.
  • There is still a “significant risk” that the situation in the Middle East could deteriorate, said Helima Croft, chief commodities strategist at RBC, said.
Energy BulletsCommodities
Energy BulletsCommodities

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