Oil Holds Gain With Fresh US-Iran Attacks, Kazakh Exports Risk

AI Summary

Energy markets face volatility amid renewed US-Iran hostilities and Houthi threats to block Saudi Arabia's Red Sea access. This conflict escalation impacts the Strait of Hormuz and surrounding energy export routes, raising concerns for global energy supplies.

Energy markets have been rocked by a fresh round of volatility this month, as investors navigated a short-lived pause in hostilities between Iran and the US, followed by renewed fighting. The conflict is spreading beyond the Strait of Hormuz, with Houthi rebels in Yemen threatening a blockade of Saudi Arabia in the Red Sea, while Riyadh’s forces joined with the US to hit targets in Iraq that are linked to Tehran-backed militants. Paul Sankey, founder at Sankey Research, discusses the Houthi and Saudi escalation and how it's affecting energy. (Source: Bloomberg)