Oil traders will find Middle East power struggle harder to ignore:
"In the past 14 days Saudi Arabia, the world’s largest oil exporter, has faced a barrage of missiles aimed at its capital city, an attack on a supertanker hauling 2m barrels of crude, and a second missile launch aimed at oil storage tanks on its Red Sea coast.
Oil prices, normally a reasonable barometer of geopolitical risk in the Middle East, have responded to these attacks from Houthi rebels in Yemen by falling 3 per cent over the same time period.
Oil traders, distracted for now by a brewing trade war between the US and China, are at risk of growing complacent. But it is unlikely they will be able to discount Saudi Arabia’s conflict in Yemen much longer."
'via Blog this'
No comments:
Post a Comment