Yemen Financial News

BEIJING (Reuters) — Oil prices regained some ground in early Asian trade on Wednesday, as investors weighed concerns over output cuts by key producers and attacks on shipping in the Red Sea against dimmed expectations of U.S. rate cuts.

By Natalie Grover

A missile attack by Yemen’s Houthi rebels damaged a Belize-flagged ship traveling through the Bab el-Mandeb Strait that connects the Red Sea and the Gulf of Aden, forcing the crew to abandon the ship

Oil prices edged down on Monday morning as markets digested comments from U.S. Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts, in thin early trade on what is a public holiday in the United States. Brent crude futures were down 58 cents, or 0.69%, at $82.89 a barrel. U.S. West Texas Intermediate crude was 35 cents, or 0.44%, lower at $78.84 at 0138 GMT.

DUBAI (Reuters) -Yemen's Iran-aligned Houthis claimed responsibility on Saturday for an attack on the oil tanker M/T Pollux, which U.S. officials said the previous day had been hit by a missile.

Also Read: Oil remains range-bound as rate cut hopes fade away: Here's how US Fed policy decision affects prices Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a March 19 expiry, last settled 0.03 per cent higher at ₹6,484 per bbl, having swung between ₹6,381 and ₹6,518 per bbl during the session, against a previous close of ₹6,482 per barrel. On Thursday, Hezbollah said it fired dozens of rockets at a northern Israeli town in a "preliminary response" to the killing of 10 civilians in southern Lebanon, the deadliest day for Lebanese civilians in four months of cross-border hostilities. The oil market's reaction to news from the Middle East was moderate, according to analysts.

The vast expanse of the maritime domain has long served as a conduit for global interaction, linking nations across continents. As such, navies worldwide have played a pivotal role as ambassadors, representing their countries’ diplomatic endeavors on the international stage. Situated strategically, the Indian subcontinent has historically been a hub for trade and international relations, facilitating the exchange of cultures, resources, assets, and ideas. In this context, the Indian Navy has emerged as a cornerstone of India’s efforts to maintain diplomatic relations with other nations, both militarily and diplomatically.

Iran unveiled new weaponry on Saturday including what it said was the locally made Arman anti-ballistic missile system and the Azarakhsh low-altitude air defense system, the official IRNA news agency reported. The announcement came amid heightened tensions in the region, with Yemen's Iran-backed Houthi militants carrying out a string of attacks on vessels linked to the U.S., UK and Israel in the Red Sea in a show of solidarity with the Gaza Strip. Gaza has been under military assault by Israel since Hamas's attacks on Israel's south on Oct. 7.

Yemen's Iran-aligned Houthis said on Saturday that they had fired missiles at oil tanker Pollux, which U.S. officials said the previous day had been hit by a missile. The U.S. State Department said on Friday that the Pollux, a Panamanian-flagged tanker carrying crude oil bound for India, was hit by a missile on its port side. «The naval forces of the Yemeni Armed Forces carried out a targeting operation against a British oil ship (Pollux) in the Red Sea with a large number of appropriate naval missiles, and the strikes were accurate and direct», the Houthis' military spokesperson, Yahya Sarea, said in a statement.

The US State Department announced on Friday that a Panamanian-flagged tanker transporting crude oil destined for India, was targeted by a missile in the Red Sea. According to the State Department, the missile, originating from Yemen, struck the M/T Pollux on its port side. Prior to this, both the United Kingdom Maritime Trade Operations (UKMTO) agency and the British maritime security firm Ambrey had reported that a Panama-flagged tanker was allegedly hit approximately 72 nautical miles (133 km) northwest of Yemen’s port of Mokha.

Red Sea crisis that has jacked up his shipping costs and times. «Last week, I lost a big order to a Polish competitor who does not need to pay increased freight rates,» said Jhunjhunwala, head of Binayak Hi Tech Engineering which ships about 700 containers of machinery tools, industrial castings, and railway shed materials per year. Turkish exporters were also benefiting at the expense of Indian companies, he said, adding that he has also sent some orders on to buyers at a loss after absorbing increased costs.

Retired U.S. Army Blackhawk helicopter pilot Lt. Col. Darin Gaub says the only hope to mitigate conflict in the Middle East is for Israel to uphold its defense.

Authorities say Yemen’s Houthi rebels have fired missiles at a ship bound for a port in Iran, causing minor damage but no injuries to its crew

Investing.com-- Oil prices moved little in Asian trade on Tuesday as traders turned cautious ahead of key U.S. inflation data that is expected to factor into the path of interest rates, while an OPEC monthly report was also in focus. 

Houthis fired two missiles on Monday at an Iran-bound cargo ship in the Red Sea, causing minor damage to the vessel but no injuries, U.S. military officials said. The early morning strikes appeared to be the first time the Houthis have targeted an Iran-bound vessel since starting attacks on international shipping in solidarity with Palestinians over the Israel-Hamas war in Gaza, shipping sources said. «Iranian-backed Houthi militants fired two missiles from Houthi-controlled areas of Yemen toward the Bab al-Mandeb,» U.S Central Command said on the social media site X, formerly known as Twitter.

markets. Brent crude futures were down 54 cents, or about 0.7%, at $81.65 a barrel, while U.S. West Texas Intermediate crude futures slipped 32 cents, also about 0.4%, to $76.52 a barrel at 1426 GMT.

IMF and World Bank warned on Monday that the Gaza war and the related attacks on shipping though the Red Sea pose threats to the global economy. The Israel-Hamas war raging since October has already hit the Middle East and North Africa region's economy, said the International Monetary Fund's managing director Kristalina Georgieva.

By Sudarshan Varadhan

Bab el-Mandeb Strait on Monday, the latest assault believed to have been carried out by Yemen's Houthi rebels. No one was wounded in the attack and the ship was continuing on its journey, the British military's United Kingdom Trade Operations centre said in a statement. It wasn't clear how much damage was done to the ship.

Denmark on Monday sent a frigate to the Red Sea, where it will participate in a U.S.-led coalition to safeguard commercial traffic against attacks by Yemen's Houthi militants. The Iran-aligned Houthi have launched waves of exploding drones and missiles at commercial and navy vessels since Nov.

By Florence Tan