Saudi Arabia stops oil exports after Yemen rebels strike two tankers

Yemeni Houthis soldiers in northern district of Abs Hajjah governorate

Yemeni Houthis soldiers in northern district of Abs Hajjah governorate

Saudi Aramco said to avoid the risk of a spill or harm to crews, the company has 'halted all oil shipments through Bab El-Mandeb Strait with immediate effect'.

Saudi Arabia said today it is "temporarily halting" all oil shipments through the Red Sea shipping lane of Bab al-Mandeb after an attack on two Bahri VLCCs by Yemen's Houthi movement.

Nearly 10 years ago, the oil market was shocked by the news that a Saudi oil tanker, Sirius Star, was hijacked by Somali pirates.

Brent crude oil futures rose 0.6% to $US74.35 per barrel on Thursday at 6 48 GMT, after a gain of 0.7% on Thursday, and United States oil reserves fell to a three and a half year low, Reuters reported.

The Red Sea supply crisis is yet another reminder that for as much control as the Philippine government is perceived to have over the country's economy, it is still significantly affected by external factors that often can not be anticipated, let alone managed.

Crude oil prices have risen and the United States' stockpiles have dwindled following an attack by Yemen's Houthis on a Saudi Arabian tankers, Bloomberg revealed yesterday.

"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", Saudi Arabia's Energy Minister Khalid al-Falih said in a statement.

But the alliance did not make major gains in its offensive and on July 1 it called a halt to operations to give the United Nations efforts a chance.

The United Nations fears cutting off Hodeidah, a lifeline for millions of Yemenis, risks triggering a starvation in the impoverished country.

Pope Francis accepts resignation of Cardinal Theodore McCarrick after sex abuse allegations
The second alleged incident occurred the following year, again during a fitting for cassocks before the big Christmas Mass at St. The lawyer said his client, who was about 16 at the time and a student at a Catholic high school in NY , pushed McCarrick away.

"The attack is an act of terrorism that has threatened the regional security and peace", Dr Abdullatif bin Rashed Al Zayani said late on Thursday. An estimated 4.8 million barrels per day of crude oil and refined petroleum products flowed through this waterway in 2016 toward Europe, the United States, and Asia, according to the U.S. Energy Information Administration.

Global oil prices rose slightly after the incident, although industry experts said the increase was unlikely to last.

Oil prices are already high and it is not in the interests of the USA to see them go any higher.

The Bab al-Mandeb Strait, which runs close to the shoreline of Yemen, is the main shipping lane linking the Red Sea with the Indian Ocean.

"This terrorist attack is a unsafe threat to the freedom of navigation and worldwide trade in the Red Sea", said Turki al-Maliki, a spokesman for a Saudi-led coalition fighting in Yemen. One of the ships suffered minor damage in the assault.

The coalition has carried out a campaign of thousands of air strikes and restricted imports into Yemen.

"The desperation we are seeing is becoming greater - more people are begging in the streets".

South Africa is helping Saudi Arabia develop its own arms manufacturing capacity thus becoming an accomplice to Riyadh's war crimes in the impoverished Arab country, wrote the Middle East Eye.

Russian energy minister Alexander Novak said on Friday the market remained volatile and responded to verbal interventions, adding that the market had priced in risks related to US sanctions against Iran.

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