{"id":9166,"date":"2023-12-19T12:05:18","date_gmt":"2023-12-19T12:05:18","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=9166"},"modified":"2023-12-19T12:05:18","modified_gmt":"2023-12-19T12:05:18","slug":"oil-steadies-as-u-s-leads-push-to-safeguard-red-sea-vessels","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/9166\/","title":{"rendered":"Oil steadies as U.S. leads push to safeguard Red Sea vessels"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil steadied on Tuesday as investors considered the potential impact on oil supply from attacks by Yemen’s Iran-aligned Houthi militants against ships in the Red Sea, which have disrupted maritime trade and forced companies to reroute vessels.<\/p>\n

The United States on Tuesday announced the creation of a multinational operation to safeguard Red Sea commerce. The United Kingdom, Bahrain, Canada, France, Italy, Netherlands, Norway, Seychelles and Spain are among the nations involved.<\/p>\n

Brent crude was up 9 cents at $78.04 a barrel by 1100 GMT. U.S. West Texas Intermediate crude for January , which expires on Tuesday, was down 1 cent at $72.46 while the more active February contract lost only 2 cents.<\/p>\n

Though the attacks on shipping have boosted the geopolitical risk premium, “the actual effect on oil flows is likely to be limited”, said John Evans of oil broker PVM.<\/p>\n

“The attacks have not hit anything that would interfere with production,” he said.<\/p>\n

Crude had climbed nearly 2% on Monday, driven up by fears over the disruptions to trade via the Suez Canal, through which about 12% of world shipping traffic passes.<\/p>\n

Goldman Sachs analysts said the disruption is unlikely to have a large effect on crude and liquefied natural gas (LNG) prices because opportunities to reroute vessels suggest that production should not be directly affected.<\/p>\n

Oil major BP (BP.L) has temporarily halted transit through the Red Sea and oil tanker group Frontline (FRO.OL) on Monday said its vessels would avoid the route – signs that the crisis was broadening to include energy shipments.<\/p>\n

Also in focus this week will be the latest snapshot of U.S. supplies. U.S. crude inventories are expected to decline by 2.2 million barrels, a Reuters poll showed.<\/p>\n

The first of the week’s two supply reports, from the American Petroleum Institute, is due at 2130 GMT.<\/p>\n

Updated on