Oil Markets Are Finally Paying Attention to Red Sea Risks

Oil markets are finally focusing on geopolitical risk, with disruptions in the Red Sea pushing Brent up toward $79 and WTI above $73.- Shipping stocks have been on the rise since the Houthi threat in the Red Sea began to escalate, with the likes of Moller-Maersk, ZIM and Hapag-Lloyd adding some 15-20% over the past three trading sessions.- Whilst the Suez Canal accounts for only 14% of global maritime crude and products transit, and even that mostly on the products side, shippers banning the Red Sea route will have a much more tangible impact on…