Red Sea – Oil & Gas 360

Red Sea trade route will remain too risky even after Gaza ceasefire deal, industry executives say

January 17, 2025

(Investing) – LONDON – Companies transporting their products around the world are not ready to return to the Red Sea trade route in the wake of a Gaza ceasefire deal because of uncertainty over whether Yemen’s Houthis will continue to attack shipping, industry executives said. The leader of Yemen’s Houthis said on Thursday that the Iran-aligned group would monitor the implementation

Saudi Aramco to continue sending oil through Red Sea amidst Houthi attacks

January 26, 2024

World Oil (Bloomberg) – Saudi Aramco, the world’s largest oil company, is continuing to send tanker loads of crude and fuels through the southern Red Sea, where Houthi militants have for months been menacing merchant ships in response to the Israel-Hamas war in Gaza. “We’re moving in the Red Sea with our oil and products cargoes,” Mohammed Al Qahtani, who

Houthis target U.S.-owned tanker in Red Sea

January 19, 2024

Oil Price The Iran-aligned Houthis fired late on Thursday two anti-ship ballistic missiles at a U.S.-owned chemical tanker in the Red Sea, the U.S. Central Command said in what it described as the third Houthi attack on a commercial vessel in three days. On Thursday evening local time, the Houthis launched two anti-ship ballistic missiles at the chemical tanker M/V Chem Ranger.

Security concerns in Red Sea boost U.S. oil appeal

January 10, 2024

Oil Price Oil production in the Permian Basin this year is set to grow more slowly than in 2023, industry executives with operations in the area have signaled. The outlook for the Permian may be somewhat surprising after the strong 2023 that the shale oil industry saw. Yet growth was never going to be a linear, upward curve. Especially when

Oil prices fall as economic headwinds offset worries about Red Sea

January 2, 2024

Yahoo Finance HOUSTON (Reuters) -Oil prices dipped during the first session of 2024, with economic headwinds from interest rate jitters unraveling gains from worries that tensions in the Red Sea could disrupt supplies. Brent crude was down 62 cents, or 0.8%, to $76.42 a barrel at 12:01 p.m. ET (17:01 GMT). U.S. West Texas Intermediate crude was down 72 cents,

Oil prices set for weekly gain as Red Sea tension persists

December 22, 2023

Nasdaq LONDON (Reuters) – Oil prices rose slightly on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola’s decision to leave OPEC raised questions over the group’s effectiveness in supporting prices. Brent crude futures LCOc1 were up 40 cents, or 0.5%, to $79.79 a barrel at 1326 GMT. The Ice Brent minute

Brent breaks past $80 barrier as Houthis attack Red Sea

December 20, 2023

Oil Price Brent crude oil broke past the $80 resistance level on Wednesday, as tensions in the Middle East continued to rise and as Houthi attacks on Red Sea shipping showed no signs of easing, prompting concerns of price-impacting disruptions to the energy trade. At 10:38 a.m. ET on Wednesday, Brent was trading at $80.20, up 1.22% on the day,

Oil climbs 3% as Red Sea tanker attacks prompt reroutings

December 18, 2023

Investing HOUSTON – Oil rose 3% on Monday as mounting attacks by the Iran-aligned Yemeni Houthi militant group on ships in the Red Sea disrupted maritime trade. A Norwegian-owned vessel was attacked in the Red Sea on Monday and oil major BP (NYSE:BP) said it has temporarily paused all transits through the body of water. Other shipping firms said over

Flags of Inconvenience: Noose Tightens Around Iranian Shipping

July 26, 2019

From Reuters Somewhere on its journey from the waters off Iran, around Africa’s southern tip and into the Mediterranean, the Grace 1 oil tanker lost the flag under which it sailed and ceased to be registered to Panama. Iran later claimed it as its own. The ship carrying 2 million barrels of Iranian crude was seized by British Royal Marines

‘Floating Bomb’: Decaying Oil Tanker Near Yemen Coast Could Soon Explode, Experts Warn

July 24, 2019

From CNBC An abandoned and decaying oil tanker near the coast of war-torn Yemen could soon rupture or explode, the United Nations (UN) has warned, potentially triggering one of the world’s largest oil spills. The deserted Safer FSO tanker, which is believed to contain approximately 1.14 million barrels of oil, has been anchored and left without maintenance off the Yemeni

Premium Content