The oil market is bracing for long-term disruptions in the southern Red Sea due to attacks by Houthi militants. Charters of tankers reveal that more vessels are being hired for routes that avoid the danger zone. Airstrikes in Yemen by the US and UK have increased chaos in the area. Tankers are now being hired to sail to Asia instead of Europe, leading to a surge in earnings. Additionally, there has been a significant volume of Iraqi crude cargoes booked to sail from the Persian Gulf to Europe around Africa. Read The Rest at :
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