Oil: Prices fall as supply risks reassessed – MUFG
MUFG notes that Oil prices have declined as markets reassess supply risks tied to the US-Iran war and regional chokepoints.
Oil prices have dropped as market participants reassess risks tied to the US-Iran conflict and regional bottlenecks. Saudi Arabia is working to restore the East-West pipeline to its Red Sea coast, aiming to bring back roughly half its capacity within days. Meanwhile, some tankers continue to navigate the volatile Strait of Hormuz.
China privately urged Iran to assist in curbing Houthi militants, who have made advances in Yemen towards the Bab el-Mandeb chokepoint. These developments have buoyed risk assets and global duration, which had previously suffered significant losses over recent weeks.
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