Blog

Home / Commodity / PT Solid Gold Berjangka | Oil Extends Gains as Red Sea Shipping Risks Plague Global Trade

PT Solid Gold Berjangka | Oil Extends Gains as Red Sea Shipping Risks Plague Global Trade

01:25 20 December in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP by admin_sgb_tcc
1

Solid Gold Berjangka PT SGB SG Berjangka Solid Group Minyak WTI brent oil Oil, Crude Oil

Solid Gold Berjangka | The information you provided outlines the current situation in the oil market, particularly concerning the rise in oil prices and potential disruptions in the Red Sea. Here are some key points:

  1. Oil Price Movement:
    • West Texas Intermediate (WTI) crude oil contract for February rose for the third consecutive day, trading above $74 a barrel.
    • Brent crude approached $80 a barrel on Tuesday.
  2. Geopolitical Tensions and Potential Military Strikes:
    • The increase in oil prices is attributed to concerns about potential disruptions in the Red Sea.
    • The U.S. and its allies are reportedly considering military strikes against Houthi rebels in Yemen, who are backed by Iran. This is in response to recent attacks on merchant ships in the Red Sea.
  3. Impact on Shipping Industry:
    • Houthi attacks on merchant ships have led to disruptions in the shipping industry, particularly affecting container ships traveling from Asia to Europe.
    • Some shippers and oil companies have chosen to avoid the Red Sea route, opting for longer detours around Africa. This decision has resulted in approximately a million dollars in additional freight costs.
  4. Importance of the Red Sea Trade Route:
    • The Red Sea has become a crucial trade conduit for oil, especially following the conflict in Ukraine.
    • Moscow has increased its oil and fuel flows through the Red Sea to Asia as Europe reduces its reliance on Russian barrels.
  5. Russia’s Crude Exports:
    • Despite a temporary pause in shipments from the Baltic port of Primorsk, Russia’s seaborne crude exports have continued to climb on a four-week average basis.
  6. Global Economic Impact:
    • The situation in the Red Sea and the associated rise in oil prices can have broader implications for global trade and economic activities.

It’s important to note that the geopolitical landscape and oil markets can be highly dynamic, and the situation may evolve. News sources like Bloomberg provide timely updates on such developments.

Tags: