Will Cunliffe
Research Analyst, The Officials
It’s a bunfight!
Today brought the latest episode of headline headaches, Europe's product crunch is biting hard, US refiners are walking a tightrope and no a
Today brought the latest episode of headline headaches, Europe's product crunch is biting hard, US refiners are walking a tightrope and no airline is safe from jet fuel prices!
What a day of headlines! The US and Iran knocked the living daylights out of each other over the weekend and markets opened much higher, back in the $90s. Then, proposals for a 10-day cessation of strikes brought Brent back down to below Friday’s close. But the Houthis couldn’t let that stand! They threatened to impose a ‘sea navigation ban’ on Saudi Arabian routes, causing a panic over the Bab el-Mandeb Strait and prices to jump to over $88 again! There are more hits coming on ships in the Strait. The newly built Acheloos (IMO: 1087524), operated by Dynacom, was damaged in a strike and is now adrift. A source hinted it was chartered by the Saudis. Dynacom tankers have been among the most prolific transiters of the Strait since Marchban or no ban – but eventually it has caught up to them!
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