- Oil is trading slightly lower, reversing some gains from yesterday
- Yesterday, WTI rallied nearly $1 as the US dollar weakened
- Red Sea attacks ramping up (BBG)
- Attacks by the Houthi militants on commercial vessels in the Red Sea have increased lately following a quiet period
- The head of the EU naval force in the region said they will need to double their size to combat the Houthis effectively
- This has led to a higher risk premium in crude prices and higher transport fees as ships continue to avoid the waterway
- Russian exports drop on port maintenance (BBG)
- Russia’s weekly crude exports fell by the most in more than three months amid maintenance work at several key ports
- There were no departures from Russia’s two busiest terminals for four days last week, but flows should recover as work concludes
- In addition, tankers that Russia relies on have increasingly been targeted by Western sanctions, with the EU sanctioning an additional 17 crude and product tankers in its latest round of sanctions
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