European Oil Prices Jump on Red Sea and Libyan Supply Worries
- Spot prices for North Sea, Mediterranean grades have climbed
- European market also contending with Black Sea bottlenecks
An oil refinery in Donges, France.
Photographer: Loic Venance/AFP/Getty ImagesThis article is for subscribers only.
European oil prices have climbed as fears about supply disruptions through the Red Sea and from Libya prompt refiners to rush to secure cargoes.
Spot prices for North Sea and Mediterranean crudes have become much more expensive than global benchmark Dated Brent in recent days. That’s happening as Houthi attacks on commercial vessels threaten trade through the key Red Sea waterway and Libya’s biggest field suffers from a prolonged shutdown.