RBC Commodities Chief Warns "War Entering Dangerous Phase" As Chokepoint Chaos Risks Oil Above 2008 Peak

Houthis Declare "Total Ban" On Israeli Ships As Dual Chokepoint Crisis Stokes Supply Chain Nightmare Brent crude futures jumped as much as 5% to $97.83 a barrel, while WTI traded around $95 a barrel, as renewed Iran-Israel fighting threatened to unravel a fragile US-Iran ceasefire and further disrupt energy flows. On the maritime chokepoint front, Iran-backed Houthis declared a full ban on Israeli vessels in the southern Red Sea, warning that any Israeli ship (or linked ship) will be seen as a military target. "First: We declare a complete and total...

Finance Minister Bezalel Smotrich said that the International Criminal Court has declared war on Israel by issuing arrest warrants for top officials.  On Tuesday, the Israeli minister said, “Last night I was informed that a request for a secret international arrest warrant had been filed against me by the criminal prosecutor of the Anti-Semitic Tribunal […]

"Deepening Dark Trend" Emerges On Hormuz As Ship Traffic Slows The US military has struck Iranian targets for a second straight day, while Tehran has responded with ballistic missile and drone attacks targeting Kuwait, Qatar, Bahrain and even faraway Jordan. While our overnight wrap focused on the latest war developments, the focus here is what energy traders are watching most closely: vessel traffic through the Strait of Hormuz. Bloomberg cites new shipping data showing that the Hormuz chokepoint slowed to a near standstill on Thursday. More color from the report: Among larger vessels,...