Saudi Arabia halts oil exports in Red Sea lane after Houthi attacks
DUBAI (Reuters) - Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen’s Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.
Saudi Arabia and arch-foe Iran have been locked in a three-year proxy war in Yemen, which lies on one side of the Bab al-Mandeb strait at the southern mouth of the sea, one of the most important trade routes for oil tankers heading from the Middle East to Europe.
The Houthis, who have previously threatened to block the strait, said on Thursday that they had the naval capability to hit Saudi ports and other Red Sea targets. Iran has threatened to block another strategic shipping route, the Strait of Hormuz.
Details here: https://www.reuters.com/article/us-yeme ... SKBN1KF0XN
Oil Price: Geopolitical Risk Premium is Going UP
Oil Price: Geopolitical Risk Premium is Going UP
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil Price: Geopolitical Risk Premium is Going UP
Official Statement:
"As confirmed a short while ago by the Saudi Minister of Energy, Industry and Mineral Resources, H.E. Khalid Al-Falih, two Very Large Crude Carriers (VLCCs), each with a two million barrels capacity, operated by the Saudi National Shipping Company, Bahri, and transporting Saudi Aramco crude oil were attacked by terrorist Houthi militia this morning in the Red Sea. One of the ships sustained minimal damage. No injuries nor oil spill have been reported. In the interest of the safety of ships and their crews and to avoid the risk of oil spill, Saudi Aramco has temporarily halted all oil shipments through Bab El-Mandeb with immediate effect. The Company is carefully assessing the situation and will take further action as prudence demands."
"As confirmed a short while ago by the Saudi Minister of Energy, Industry and Mineral Resources, H.E. Khalid Al-Falih, two Very Large Crude Carriers (VLCCs), each with a two million barrels capacity, operated by the Saudi National Shipping Company, Bahri, and transporting Saudi Aramco crude oil were attacked by terrorist Houthi militia this morning in the Red Sea. One of the ships sustained minimal damage. No injuries nor oil spill have been reported. In the interest of the safety of ships and their crews and to avoid the risk of oil spill, Saudi Aramco has temporarily halted all oil shipments through Bab El-Mandeb with immediate effect. The Company is carefully assessing the situation and will take further action as prudence demands."
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group