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Three reasons Red Sea crisis hasn’t sent oil surging

The situation in the Red Sea gets worse by the day, but the price of oil has barely budged. Big oil bosses are baffled, but analysts see three forces at play. 

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Michael Wirth, the chief executive of US oil giant Chevron, just doesn’t get it.

The crisis in the Red Sea appears to be getting worse and wider by the day, with the US government apparently preparing to declare the Iran-backed Houthi rebels a terrorist organisation, hours after launching fresh missile strikes on Houthi targets in Yemen.

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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
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