Oil Edges Up as Red Sea Shipping Threats Return

Crude is bouncing this morning after Houthi rebels made fresh threats against Saudi oil shipping in the Red Sea, undoing some of yesterday's progress on Saudi-Houthi talks brokered through Oman. India also confirmed it was an Indian vessel and crew that got struck and sunk near Oman over the weekend, adding another data point to a story that's had a lot of unconfirmed details floating around. Tanker traffic through the strait is still barely moving, and with global stockpiles near outage levels in both crude and refined products, the fundamentals keep pointing higher even as headline sentiment whipsaws day to day.An oil tanker out at sea by Gerhard Traschutz via Pixabay