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Vessel Attacks Support Crude Thursday

OIL

Crude steps higher Thursday, supported by vessel fears as a further ship faces an attempted rocket attack from Houthi controlled territory, enhancing security fears for a crucial energy choke point.

  • The move has prompted discussions between US officials and Saudi Crown Prince Mohammed bin Salman to try and find ways to boost security in the Red Sea region to avoid shipping attacks, which are apparently in response to Israel attacks on Palestine.
  • The ships targeted however appear more random in nature, rather than being directly connected with Israel – raising security fears for unconnected voyages.
  • Crude found earlier support over potential US rate cuts next year, larger than expected US stock draws, other vessel attacks and the IEA monthly report pointing to higher oil demand next year.
  • Brent FEB 24 up 2.3% at 75.97$/bbl
  • WTI JAN 24 up 2.3% at 71.1$/bbl
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