Brent crude oil was making a marvelous recovery since it consolidated in the early days of 2024 but such upward momentum has not only stalled, but cut back somewhat. After breaching the $83.50 mark, UK oil trade softened, closing around $82 flat yesterday and opening this morning a tad below yesterday’s close as markets continue to tread with caution.
Prior targeted vessels in the Red Sea had not included oil or refined products, meaning the strike over the weekend marked the first of its kind, potentially altering the flow of oil through the Red Sea if other carries heed the warning.
