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Saudi Arabia said on Thursday that it had suspended oil shipments through the strategic Red Sea route after Yemeni-aligned rebels attacked two tankers on the shipping lane, highlighting the risk of
escalating tensions in the region.
Brent crude futures rose 59 cents to $74.
52 a barrel, extending gains into the third day but retreating
from their 10-day highs in early trading.
Saudi Energy Minister Khalid al-Falih said the Houthis attacked two Saudi oil tankers in the Red Sea on Wednesday, one of which suffered minimal damage
.
Industry and shipping sources said the suspension of supplies is unlikely to affect Saudi crude supplies to Asia, but could increase transportation costs
for Saudi vessels bound for Europe and the United States due to longer transit times.
Saudi Arabia said on Thursday that it had suspended oil shipments through the strategic Red Sea route after Yemeni-aligned rebels attacked two tankers on the shipping lane, highlighting the risk of
escalating tensions in the region.
Brent crude futures rose 59 cents to $74.
52 a barrel, extending gains into the third day but retreating
from their 10-day highs in early trading.
Saudi Energy Minister Khalid al-Falih said the Houthis attacked two Saudi oil tankers in the Red Sea on Wednesday, one of which suffered minimal damage
.
Industry and shipping sources said the suspension of supplies is unlikely to affect Saudi crude supplies to Asia, but could increase transportation costs
for Saudi vessels bound for Europe and the United States due to longer transit times.
