Oil Market's Glut Narrative Just Blew Up
· irina slav
AI Briefing
- Oil prices surged to over $100 per barrel due to Houthi attacks on Saudi tankers in the Red Sea.
- The attacks block two major oil chokepoints, increasing global recession risk.
- Yemen's Houthis have struck tankers in the Bab el-Mandeb Strait, further destabilizing oil markets.
Source Summary
Less than a month ago, analysts were warning of a looming glut of crude oil as tanker traffic via the Strait of Hormuz began to recover amid a U.S.-Iran ceasefire. Within days of these warnings, the ceasefire was a painful memory, missiles were flying again, and now Yemen’s Houthis are striking tankers in the Red Sea, which makes two blocked oil chokepoints and a very real danger of a global recession. Brent crude this week topped $100 per barrel on reports that the Houthis had struck two Saudi tankers in the Bab el-Mandeb Strait, which Saudi...
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