WS #13082
Saudi Arabia and 13 other countries announced a maritime military coalition to secure Bab al-Mandeb, Red Sea, and Gulf of Aden, directly countering the Iran blockade thesis and weighing on oil prices. Brent crude settled at $89.03/bbl (-4.17%) and WTI at $83.59/bbl, as the Saudi-led maritime alliance and potential de-escalation in the Iran conflict reduced supply disruption fears.
Saudi-Led Maritime Defense Alliance Counters Iran Blockade
Saudi Arabia and 13 other countries announced a maritime military coalition to secure Bab al-Mandeb, Red Sea, and Gulf of Aden, directly countering the Iran blockade thesis and weighing on oil prices.
Brent crude settled at $89.03/bbl (-4.17%) and WTI at $83.59/bbl, as the Saudi-led maritime alliance and potential de-escalation in the Iran conflict reduced supply disruption fears.