Will Cunliffe
Research Analyst, The Officials
Blow for blow
Trump promises to hit Iran hard, an LNG tanker was hit in Damietta Port and the Houthis may impose tolls on ships through Bab el-Mandeb.
Trump promises to hit Iran hard, an LNG tanker was hit in Damietta Port and the Houthis may impose tolls on ships through Bab el-Mandeb.
Tit for tat and escalation for escalation… so much for that fragile halt to attacks. Trump promised to hit Iran very hard in response to the ballistic missile attack on the Jordan base and prices jumped back into the $90s. By the London close, Brent was at $90.51/bbl. The drones keep coming – and if you thought being as far north as Suez was a safe place, think again! A floating storage and regasification unit (vessel) and a LNG tanker was hit in or around Damietta Port just west of the Suez Canal. Both ships moved further away from the port following the hit. Gas prices jumped and TTF reached almost €62/MWh. The Houthis are following in the footsteps of Iran and are now reportedly considering imposing transit fees on commercial shipping through Bab el-Mandeb, with the likely exclusion of Chinese ships. We await comment from the Houthis regarding any China shipping negotiations.
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