Oil Trade Adjusts To Red Sea Turmoil

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Red Sea shipping volumes have slumped more than 60% since November as vessels opt for the longer Cape route to avoid Houthi attacks. But even as the severity of the attacks mounts, freight rates have retreated from recent highs, and oil-on-water may have peaked as trade flows adjust.

Red Sea Turmoil 

The infographic below shows the turmoil in the Red Sea

 

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Source: S&P Global