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Tensions in the Middle East will keep WTI on the upside trend
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Loading...If, until 24 hours ago, Iran's threats to stop oil supplies from Saudi Arabia were just empty stories, then that is not the case at the moment. After an attack on two oil tankers, Iran and Yemen have made a strong request that they will stick to their promise to hinder supplies in the region.
"Saudi Arabia temporarily stops all supplies of oil through Bab el-Mandab, until the situation becomes clearer and maritime transit is safe," the oil minister said.
About 4.8 million barrels a day crude oil and refined petroleum products went through this waterway for 2016. to Europe, the United States and Asia, the American Energy Administration says.
The Bab Bab al-Mandab, where the Red Sea meets the Adriatic Bay in the Arabian Sea, is only 20 km wide, making hundreds of ships a potentially easy target.
Prices were also backed by official data showing that crude oil stocks in the US fell more than expected to its lowest level since 2015. here.
Source: Reuters
Chart: Used with permission of Bloomberg Finance L.P.
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