- Saudi Arabia suspends oil shipments through a strategic Red Sea waterway after Yemen rebels attacked two tankers, one of which was slightly damaged; Brent crude +0.5% at $74.34/bbl, U.S. WTI flat at $69.33/bbl.
- Stopping crude shipments through the Bab el-Mandeb strait, which connects the Red Sea to the Gulf of Aden, marks a new escalation in the war between an Arab military coalition and Iranian-backed Houthi rebels for control of Yemen.
- Saudi energy minister Khalid al-Falih says all oil exports through the southern Red Sea will be halted “until the situation becomes clearer and the maritime transit through Bab el-Mandeb is safe.”
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, UBRT, ERYY, DBRT, ERGF, OILD, OILU, USAI
- Now read: Energy Week: Making Sense Of Geopolitics, Trade Wars, And The Permian
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