Brent Backwardation Increases as Red Sea Hostilities Continue ...Middle East

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Brent Backwardation Increases as Red Sea Hostilities Continue
source : OILPRICE ( Middle East ) () 29
The crude oil markets—including some physical markets—are showing signs of tightening as concerns about crude oil transit times due to bypassing the volatile Red Sea continue to drag on, traders, analysts, and LSEG data now show. Historically, turmoil in the Middle East have caused crude oil prices to spike—sometimes in a big way, even if only temporarily. This time around, oil prices have become more resilient and haven’t moved much over the past month, despite the significant conflict in the Red Sea that has caused many…

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