Oil prices spike as Saudi Arabia halts shipments after attack
27 July, 2018, 21:45 | Author: Natasha Holloway
"Saudi Arabia is temporarily halting all oil shipments through Bab al-Mandeb Strait immediately until the situation becomes clearer and the maritime transit through Bab al-Mandeb is safe", the Energy Minister's statement said.
It still can use its East-West mega-pipeline to ship crude from its oil fields in the Arabian Gulf into Yanbu, bypassing the strait and keeping the European market within regular reach.
It sent 600,000 barrels a day of crude from the Persian Gulf to buyers in Europe and North America this year, according to tanker tracking data compiled by Bloomberg.
Badr al-Khashti, chairman of Kuwait Oil Tanker Company (KOTC), said: "All options are possible but there is nothing confirmed so far".
Brent crude oil futures rose 0.6% to $US74.35 per barrel on Thursday at 6 48 GMT and USA oil reserves fell to a three and a half year low, Reuters reported. The statement said nobody was injured and the damage posed no threat to the environment.
"Fortunately, there were no injuries or oil spill that would have resulted in catastrophic environmental damage".
According to reports, the two-million-barrel capacity Saudi tankers were hit on Wednesday, causing minimal damage to one.
One of the coalition's main justifications for intervening in Yemen was to protect shipping routes such as the Red Sea.
How important is Bab el-Mandeb to Saudi Arabia?
Dubai: Saudi Arabia´s halt to oil shipments through a strategic waterway after Yemeni rebel attacks could provoke an worldwide intervention in Yemen´s "forgotten" war, analysts say.
They accuse Iran of supplying the Houthis with weapons including missiles, which the group and Tehran deny.
The United Nations fears cutting off Hodeidah, a lifeline for millions of Yemenis, risks triggering a starvation in the impoverished country.
The latest attack on Saudi oil tankers could strengthen the Arab states' position ahead of possible United Nations -sponsored peace talks between Yemen's warring parties, which aim to avoid an all-out assault on the country's main port city of Hodeidah.
Following the attack, the Saudi coalition said the rebels "had nearly caused an environmental disaster", according to the state-run al-Ekhbariya TV channel.
"I think the market's a little complacent", [Rapidan Group founder and president Bob McNally] told cnbc, referring to the lack of movement in oil prices following the exchange of threats between Rouhani and Donald Trump.
This attack underscores the risk of an escalation in tensions in the region.
Saudi Arabia said it was "temporarily halting" all oil shipments after an attack on two oil tankers by Yemen's Iran-aligned Houthi movement.
In June 2016, the country's former president Jacob Zuma traveled to Saudi Arabia to launch the Al-Kharj (Military Industries Corporation) facility in Riyadh, together with the Saudi Crown Prince Mohammed bin Salman.
Oil expert Kamel al-Harbi said in an interview with Al Arabiya news channel that the importance of Bab al-Mandeb is that it save time and cost.
The coalition has carried out a campaign of thousands of air strikes and restricted imports into Yemen, worsening what the United Nations says is potentially the world's worst humanitarian crisis.
The UN World Food Programme said four in every 10 children under five were now acutely malnourished, and put the number of people displaced since the Hodeidah offensive began at 200,000.
James Dorsey, an expert on Middle East affairs, said the attacks on oil tankers would draw global attention to Yemen.
Shortages in the market have already been forecast, but these were all centered around the prospect of Iran sanctions.
The Justice Department essentially says it's trying to comply, but that these Republicans want a lot, and it takes times. At the time of his confirmation as Deputy Attorney General, he was the nation's longest serving US Attorney.
He revealed that the inward quantum investment to South Africa by Brics countries between 2003 and 2017 was a mere $18-billion. PM Modi arrives in Johannesburg on Wednesday for a three-day BRICS meeting to discuss USA trade war.
Additional warnings are possible at any time as more showers and downpours ride the tropical rain train up the East Coast. This pattern change will occur when winds switch, coming from the southeast, allowing for an afternoon sea breeze.
The BBC noted this animal's curiously "small size and pointy ears" as well as the "black smudges on its face". Extranews.tv spoke to another vet who also questioned the legitimacy of the alleged zebra.
And you'll have to pay taxes in the future on whatever you earn on your lump sum, as you would with the annuity payouts. The Mega Millions jackpot swelled to over half a billion dollars ahead of the drawing, and the odds were against us.
I find it unbelievable listening to the ex-drivers commentating [and] not a single one of them could find a good word to say. When you come to England, going around I don't remember any of the fans booing.
Commerce Department completed its investigation into whether vehicle imports threaten national security. United States farmers have been hit by retaliatory tariffs on goods like soybeans, pork, and beef.
Further, the NTSB said if those vehicles weren't retrofitted and still had canopies, passengers shouldn't wear life jackets. Clifford added the history of deadly accidents involving duck boats shows these vessels need to be better regulated.
Trump also continued to tweet Sunday about the document's release, quoting Fox News' Pete Hegseth and Andrew McCarthy. Ted Cruz, then the Clinton campaign, and was therefore partisan and to be dismissed.
Los Angeles police were also dispatched, but Officer Carlos Zaragoza said he could not release the woman's identity or condition. Lovato's fellow singers Ariana Grande, Meghan Trainor and Lily Allen also sent their love and support via social media.
SEC Rejects Winklevoss Bitcoin ETF
The SEC reportedly followed Exchange Act Section 6 (b)(5) when they were taking the decision of whether to accept it or not. Regulators even launched an investigation in May to check whether bitcoin price movement was manipulated or not.
Cohen secretly recorded conversation with CNN anchor
The Enquirer had already purchased McDougal's account of her affair with Trump earlier in 2016 and then never published it. Trump and Cohen appear to be discussing a second payment to McDougal (and there is no indication that it was ever made).
FCA's Sergio Marchionne dies at 66
This afternoon, Elkann announced that the longtime CEO had passed away, saying: " Sergio Marchionne , man and friend, is gone". In 2009, he negotiated with the US government to take over bankrupt Chrysler Corp. -for free-and merged it with Fiat.
Trump threatens more tariffs on U.S. trading partners
President Trump's tariff threats against China, Canada, Mexico and the European Union prompted immediate threats of retaliation. Trump's stance is in direct opposition to bipartisan criticism toward his tariff policies.