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The USO fund tracking WTI crude settled up 2.86% at US$153.09 as Houthi attacks and soaring Red Sea war-risk premiums rattled supply, while LatAm equities diver The post Oil Wrap: USO up 2.86% on Red Sea Supply Fears appeared first on The Rio Times.
Several Asian refiners have been told informally by Saudi Aramco they will soon be able to pick up oil from the Red Sea port of Yanbu, according to traders familiar with the matter.
The sanctions, introduced during the Biden administration, targeted Eritrea's governing party and the military.
Saudi Arabia has hosted a multinational naval coalition meeting aimed at protecting shipping in the Red Sea.
Saudi Arabia faces a “humiliating dilemma” after the United States refused to militarily intervene to prevent the Iran-aligned Houthi militia from tightening its blockade of the kingdom’s key backup maritime trade route with Asia, according to analysts. US President Donald Trump on September 12 dismissed the Houthi seizure of Yemen’s entire Red Sea coast as a problem that “only affects one country”. Iran has already blockaded the Straits of Hormuz, Saudi Arabia’s main oil and petrochemicals...
Yemen’s Houthis have agreed to allow US shipping unfettered Red Sea access if Washington refrains from military action.
Abdul Malik al-Houthi, an elusive figure who commands a battle-hardened force, scored his biggest military victory in years when his Iran-aligned Houthi militant group swept through Yemen’s Red Sea coastline and tightened their grip on a vital shipping waterway, rattling oil superpower Saudi Arabia. The offensive, which has been accompanied by attacks on Saudi Arabia, has put the Houthis in a strong position to call the shots in the Bab el-Mandeb strait by potentially halting global trade in...
Egypt’s president Abdel Fattah al-Sissi welcomed Saudi Arabia’s Crown Prince Mohammed bin Salman to Cairo on Tuesday for talks on regional security.
Red Sea disruptions impact Egypt’s economy, with Suez Canal revenues dropping by $7bn in two years.
US may be 'forced to intervene' in the Red Sea
The conflict in Yemen intensified on Sunday, as government forces launched attacks against Iran-backed Houthi rebels along the Red Sea and Houthis fired into neighboring Saudi Arabia, which supports Yemen’s government. The Yemeni government vowed to send more forces to the Red Sea coast and one official conceded a “painful” defeat last week when Houthis captured the port city of Mokha and an island on the Bab el-Mandeb Strait, a crucial shipping alternative to the Strait of Hormuz.
Asian oil refiners are waiting for clarity on cargoes due to be picked up at Saudi Arabia’s Red Sea port of Yanbu, after the kingdom was forced to close a vital pipeline that serves the terminal following drone attacks.
Yemeni government forces says they launched air strikes on Houthi fighters along the Red Sea coast.
Yemen's Iran-aligned Houthi rebels captured the strategic Perim Island in the Bab el-Mandeb Strait, located at the southern entrance to the Red Sea, officials said on Friday. The lightning move opens a new front in the Iran war and threatens energy supplies, especially Saudi oil exports, from passing through one of the world's key shipping lanes.
Houthis were already able to disrupt shipping - their advance consolidates that power, and exposes government weakness.
The Iran-backed Houthis are also reported to have seized Perim - a strategic island on the major shipping route.
Houthi spokesman Yahya Saree said maritime navigation in the Red Sea is safe, except for Saudi ships.
Iran-aligned Houthi militants seized control of Yemen's port city of Mocha on Thursday, military sources said, posing a further threat to global energy supplies. Four Yemeni government military sources said the Houthis had gained further leverage over the Bab el-Mandeb Strait, the southern outlet of the Red Sea and one of the world's most important shipping routes, and were launching attacks on the strategic islands of Hanish.
A battle for control of Yemen’s coastal plains overlooking the strategic Bab el-Mandeb Strait, launched on Friday by Iran-aligned Houthi rebels, is rapidly intensifying into an all-out war with Saudi-backed government forces. A wave of Houthi missile and drone strikes launched against four cities in southern Saudi Arabia early on Tuesday, injuring 73 civilians, may prove to be the tipping point in the conflict, analysts say. Coinciding with an escalating battle of attrition between the United...
Military sources in Yemen say more than 140 combatants were killed in fighting between its government and Houthi rebels in the southwest of the country over the weekend. Days-long clashes have erupted in the country over the control of a gateway to the Red Sea, marking the deadliest fighting in the Arabian Peninsula country since a 2022 ceasefire between the two sides collapsed in July.