Crude oil saw a price surge this Tuesday, mainly driven by concerns about ship safety in the Red Sea. According to Bloomberg, the crude oil increase was the largest in over a week. The cargo ship, “MSC United,” travelling from Saudi Arabia to Pakistan, was the target of the attack.
Notably, this incident happened despite the United States and the United Kingdom’s increased military presence in the area, which was announced the week prior as part of Operation Prosperity Guardian. Nevertheless,...