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Oil Moves Down on Crude Inventory Build

Oil Moves Down on Crude Inventory Build

Crude oil prices moved lower…

Houthis Threaten More Red Sea Attacks

The Yemeni Houthis have said attacks on ships in the Red Sea will continue, saying they will target British-linked vessels.

The announcement follows the sinking of the Rubymar on Saturday. The British-owned ship, which carried a cargo of fertilizer, was hit on February 18.

“Yemen will continue to sink more British ships, and any repercussions or other damages will be added to Britain’s bill,” Yemen’s foreign minister, Hussein al-Ezzi, said in an X post, cited by The Telegraph.

“It is a rogue state that attacks Yemen and partners with America in sponsoring ongoing crimes against civilians in Gaza,” al-Ezzy added.

Meanwhile, The Guardian reported that an Italian warship shot down a Houthi missile on Saturday, prompting another threat from the Houthis.

“Italy jeopardises the safety of its military and commercial ships. We will strike the ships that attack our country or that hinder the decision to prevent Israeli ships from crossing the Red Sea,” Houthi government officials said, as quoted by the British publication.

The shipping disruption caused by the Houthi attacks has caused the rerouting of most cargo traffic through the Bab el-Mandeb strait to the longer route around Africa. The rerouting includes some 1.6 million barrels daily of crude oil.

At the end of last month, shipping giant Maersk warned that it expected the disruptions to continue well into the second half of the year.

“Be prepared for the Red Sea situation to last into the second half of the year and build longer transit times into your supply chain planning,” the head of Maersk’s North American operations said in a statement at the time.

The large-scale rerouting has added to shipping costs, both directly and indirectly, through higher insurance premiums. They are also keeping a lid on oil supply.


“While global crude balances are getting longer (seasonally) in February and March, increased levels of Red Sea shipping diversions are keeping the market tight – as more oil is put on ships, leaving less available on land,” analysts at consultancy FGE warned in late February.

By Irina Slav for Oilprice.com

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