Red Sea Disruptions Cause Oil To Move Higher In Short Term And Potential Longer

Oil prices have risen markedly in the last two weeks following Red Sea attacks becoming more pervasive in association with the larger ambitions and goals of Iran and its allies throughout the region including the Houthis in Yemen and the many groups facing off against Israel including Hamas and Hezbollah according to Marketwatch.

Almost all fuel sources that ship through the Red Sea or share a market with fuel shipped through the Red Sea, including all forms of petroleum, are up for early 2024 delivery between .5 and 1.75% as the markets attempt to price higher levels of shipping risks into a short term delivery demands.

We will continue to follow this story very closely and analyze developments on an ongoing basis.

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