energy

Two tankers carrying Saudi crude make U-turns in Red Sea after Houthi warning Reuters

Deliveries of Russian crude oil to India so far this month remain near June’s record

Kazakhstan is being forced to stop piping crude to its main export terminal on Russia’s Black Sea coast as a spate of attacks on tankers jeopardizes the landlocked Central Asian country’s exports.

Saudi Arabia exported record volumes of crude oil from terminals on the Red Sea in the days and weeks before the Houthis said they would block the nation’s shipments.

Two Indian state-run refiners have suspended crude oil loadings from Iraq as mounting security risks in the Strait of Hormuz make it increasingly difficult to ensure safety of vessels, according to people familiar with the matter.

Kazakhstan is set to stop piping crude to a port on Russia’s Black Sea coast after a spate of attacks on tankers that’s jeopardizing the landlocked Asian country’s ability to produce oil.

The International Energy Agency said it’s “closely monitoring the situation in oil markets” as escalating hostilities in the Middle East increase the concerns over security of supplies.

Palm oil fell from a near one-month high following weakness in the crude and vegetable oil complex, denting the appeal of biofuels.

Three factors will determine how disruptive the new Houthi campaign will be to global oil markets and Gulf economic stability. The post The Houthis just announced a blockade on Saudi Arabia. What does it mean for the global economy? appeared first on Atlantic Council.

Oil prices dip as mediation efforts offset US-Iran strikes Reuters