Ghana news briefing
Oil falls more than $1 on greater flows despite US-Iran war
Iran-aligned Houthi militants in Yemen declared a naval blockade last week on Saudi Arabia, threatening the Red Sea route for its oil exports, an alternative to the Strait of Hormuz.
Saudi Arabia seeks to lead a coalition to boost defence cooperation in the Bab El-Mandeb Strait, the Red Sea and the Gulf of Aden, all chokepoints for energy supplies.
Although tanker traffic has continued through the Strait of Hormuz and the Red Sea, higher security risks have boosted freight costs and insurance premiums to embed a significant geopolitical risk premium in oil prices, said Priyanka Sachdeva, analyst at Phillip Nova.
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