Oil, gas and mining

Fears of shipping and oil price increasing after Red Sea cargo ship seizure



There are concerns the seizure of a cargo ship in the Red Sea could rekindle threats to supply chains and oil prices.

The area is a vital waterway for global shipping, as a fifth of the world’s oil passes through it.

Maritime Logistics Expert Peter Van Duijn said it was a “very sophisticated” takeover of the ship.

Much higher oil costs could arise if companies are forced to avoid the strait.

“The market has reacted slightly but not too bad,” he told Sky News Australia.

17 Comments

  1. Yemen – well done the only country standing up for Palestine, anything Israeli or any country supporting Israel will find its ships docked. It’s not piracy as your report alludes to, but standing up to Zionism and the eternal victimhood of an Occupier.

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