Oil prices fall as Red Sea risks ease
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Oil prices declined on Thursday as investors weighed a proposed Saudi Arabia-led maritime defence coalition for the Red Sea against continued military tensions between the United States and Iran.
Oil prices declined on Thursday as investors weighed a proposed Saudi Arabia-led maritime defence coalition for the Red Sea against continued military tensions between the United States and Iran.
Oil extended its decline after President Donald Trump said the US and Iran were engaged in talks to try to end the Middle East conflict once again. Jorge Leon, Geopolitical Analysis Head at Rystad Energy spoke to Bloomberg's Abeer Abu Omar on Horizons Middle East & Africa about the best & worst-case scenario for oil moving forward.
Oil prices declined and U.S. stocks gained on Monday after a pause in fighting between the United States and Iran increased expectations that diplomatic efforts could continue.
Energy markets have been rocked by a fresh round of volatility this month, as investors navigated a short-lived pause in hostilities between Iran and the US, followed by renewed fighting. The conflict is spreading beyond the Strait of Hormuz, with Houthi rebels in Yemen threatening a blockade of Saudi Arabia in the Red Sea, while Riyadh's forces joined with the US to hit targets in Iraq that are linked to Tehran-backed militants. Paul Sankey, founder at Sankey Research, discusses the Houthi and Saudi escalation and how it's affecting energy.
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