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US Announces Naval Task Force To Safe Guard Red Sea

OIL

US Defence Secretary Austin has announced that a joint naval task force has been formed to safe guard commercial sea traffic through the Red Sea.

  • This follows attacks on ships by Houthi militants, which have come from Yemen. The countries involved in the task force include the US, UK, Bahrain, Canada, Italy, France, the Netherlands, Norway and Spain (BBG, see this link).
  • Yesterday crude futures were higher, Brent rising 1.84% to close near $78/bbl. We did get close to $79.50/bbl at one stage. For Brent, note the 50-day EMA comes in at $80.76/bbl.
  • Growing disruption in the Red Sea, with companies such as BP and Equinor diverting their cargoes sparked fears for supply passing through the key chokepoint, was a key factor behind Monday's spike.
  • In turn this has likely been a key facor behind the US's announcement.
  • Bloomberg notes that around 12% of the world's trade goes through the Red Sea.
Energy BulletsCommodities
Energy BulletsCommodities

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