Goldman Sachs said that oil flows through the Bab al-Mandab Strait in the Red Sea fell by 1.5 million barrels per day from a high level recorded in early June, with the Houthis in Yemen intensifying their attacks on ships.
The bank added in a research note seen by the Arab World News Agency (AWP) that currently, crude shipments passing through the important waterway are down 0.7 million barrels per day since the start of the unrest in the region’s maritime shipping sector in November of last year.
The Yemeni Houthi group is carrying out attacks on ships in the Red Sea that it says target Israeli companies that they own or operate or that transport goods to or from Israel, and threatens to continue until it stops its war on the Gaza Strip that has been going on since the seventh of last October.
On the other hand, Goldman Sachs said that oil prices continue to advance towards the upper limit of its forecast range, while the average price of crude in the second quarter of the year is in line with its expectations at $85 per barrel.
It added that the strong demand for oil due to travel in the summer, led by the United States, continues to support Brent crude at a time when the demand for jet fuel has reached a new high level after the pandemic, expecting that the demand for jet fuel will increase further in August with the rise in travel. Seasonal to peak level.
It added that geopolitical concerns are still being monitored by the market, with the intensification of Houthi attacks on ships in the Red Sea and the launch of drone attacks on oil infrastructure in Russia.
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