- Oil is trading higher by more than $1, back above $75
- The DOE has purchased another 2.1 MMBbls of oil for the SPR at an average price of $74.23
- The API forecasts that crude inventories in the US rose by 939 MBbls last week
- US considers military strikes against Houthis to deter shipping attacks (BBG)
- The US and its allies in the region are considering military action against the Houthi rebels operating out of Yemen in recognition that a defensive task force may not be enough to prevent attacks on shipping
- Saudi Arabia is supporting a more measured response due to fears that more aggressive action could lead to increased hostilities against them by the Houthis
- Some oil flows through the Red Sea have been redirected, as BP and other shippers have started to avoid the route due to the risks and higher insurance costs