Houthi missile and drone attacks in the Red Sea have not caused a significant increase in oil prices, surprising experts who predicted a larger impact. The attacks have targeted commercial vessels, with over 100 incidents reported by the US. Despite the attacks, Brent Crude only rose by 0.6% to $79.70 a barrel. Analysts believe that the impact on the oil market may be limited due to an abundance of new oil supply, tensions between Iran and the US not affecting Iran's oil exports and predictions of weak oil demand.
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00:00 It's Benzinga and here's what's on the block.
00:02 Houthi missile and drone attacks in the Red Sea have not caused a significant increase in oil
00:06 prices, surprising experts who predicted a larger impact. The attacks have targeted commercial
00:10 vessels with over 100 incidents reported by the US. Despite the attacks, Brent crude only rose
00:15 by 0.6% to $79.70 a barrel. Analysts believe that the impact on the oil market may be limited due
00:21 to an abundance of new oil supply, tensions between Iran and the US not affecting Iran's
00:26 oil exports and predictions of weak oil demand. The Houthis have threatened to close the Bab-El-Mandab
00:31 Strait, a key route for oil shipping, but have been careful not to target non-Western oil tankers.
00:36 The Houthis have avoided targeting Saudi or Emirati oil infrastructure. The US has announced
00:40 a naval task force to protect vessels in the Red Sea. For all things money, visit Benzinga.com.