Houthi Red Sea Blockade Could Shatter Hopes for Lower Oil Prices
Renewed Houthi blockade of Saudi Red Sea ports threatens up to 4 million bpd of redirected Saudi crude exports, adding fresh supply risks as the Strait of Hormuz remains effectively disrupted The latest reignition of hostilities between the United States and Iran led to a spike in oil prices that, c
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz is already 90% closed and Houthi attacks in the Red Sea have been running for eighteen months. Oil isn't at $88 because of what might happen — it's there because 14 million barrels a day are already off the market and every tanker captain knows both chokepoints are live fire zones.