By Jonathan Saul and Kanishka Singh
Yemen's Iran-backed Houthi rebels targeted two tankers - the Saudi-flagged Amjad and the Panama-flagged Blue Lagoon I - in the Red Sea on Monday, causing chaos in the global oil market. The U.S. military condemned the attacks as "reckless acts of terrorism."
The Houthis claimed responsibility for the attack on the Blue Lagoon, using missiles and drones. The U.S. Central Command confirmed that both vessels were hit by ballistic missiles and a drone, jeopardizing their crude oil cargo.
Despite the attacks, both tankers managed to continue their voyages without major damage or casualties. The Amjad, owned by Saudi national shipping group Bahri, was carrying about two million barrels of oil, while the Blue Lagoon I, managed by Sea Trade Marine SA, had a capacity of one million barrels.
These attacks come at a time of heightened tensions in the region, with Saudi Arabia, the world's top oil exporter, facing repeated threats from the Houthi rebels. The conflict in Yemen has escalated, with the Houthis targeting commercial vessels and disrupting global oil supply chains.
Analysts warn that such incidents could lead to a spike in oil prices and increased geopolitical instability. Investors are advised to closely monitor the situation and consider diversifying their portfolios to mitigate risk in uncertain times.
Overall, the attacks on the tankers in the Red Sea highlight the importance of geopolitical events on financial markets and the need for a strategic investment approach in volatile times.