Will Cunliffe
Research Analyst, The Officials
The Strait’s real toll
Libya is back in the oil game, Dangote is flooding Europe with jet, the US blockade is effective but their nonfarm payrolls missed big time.
Libya is back in the oil game, Dangote is flooding Europe with jet, the US blockade is effective but their nonfarm payrolls missed big time.
In a rare admission, ADNOC broke cover to concede just how badly the war is hurting. 15 of its vessels have been hit by missiles while running the Strait since the war began. There have been three this week alone. The human toll is sobering; one crew member has been killed and 20 injured. As a result, America's regional friends are shopping for backup. Riyadh has drawn Turkey and Pakistan into a defence pact, broadening last September's mutual-defence deal with nuclear-armed Islamabad. Ankara calls it "purely defensive" and aimed at no one in particular but nobody's fooled. Those briefed read it as a prelude to harder Saudi action against the Houthis. After the Houthi attacks on Saudi late last night that retribution looks inevitable.
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Benchmark reports published at the end of the London trading day.
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