Commodities
The Oil Market Is Making Plans for Red Sea Chaos to Last Weeks
- Bookings made to send fuel to Asia, crude around Africa
- Shipowners and charterers are avoiding Red Sea after attacks
Houthi fighters and tribesmen stage a rally against the US and the UK strikes on Houthi-run military sites near Sanaa, Yemen.
Source: AP Photo
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The oil market is bracing for a weeks-long disruption to shipping in the southern Red Sea, where Houthi militants have for months been attacking merchant vessels in response to Israel’s war in Gaza.
Charters of tankers to haul crude and fuels — which for some vessels are arranged up to a month in advance — reveal growing numbers of the vessels are being hired for routes that will avoid the danger zone, according to shipowners, brokers and traders.