Mocha was the port. Perim is the island in the gate.
Reuters, Sept. 11: four Yemeni government sources said Iran-aligned Houthis reached Perim in the Bab el-Mandeb Strait on Friday — tightening the hold on the Red Sea outlet Saudi crude has used since Hormuz seized up. That is a new pin on the map, not a reprint of Thursday’s Mocha seizure.
IEA, Friday: Saudi crude supply fell 2.3 million barrels a day on the month to 6 million bpd in August, the lowest in more than three decades, citing attacks on Saudi energy facilities. Reuters: satellite imagery showed smoke Thursday near Saudi Arabia’s East-West Pipeline. GasBuddy: the U.S. national average diesel price went past $6 a gallon on Thursday for the first time.
Oil this morning is not last night’s $108.93. Yahoo, 8:02 a.m. ET: Brent $104.17, down $3.46 from Yahoo’s prior $107.63. WTI $99.33. Reuters, 1132 GMT: Brent $104.18. The Financial Times reported Middle East foreign ministers are trying to work out a temporary arrangement with Iran to manage Hormuz shipping. UBS’s Giovanni Staunovo: headlines of possible talks are weighing moderately. Trying is not a signed corridor. We will not invent a deal.
What this means for you
If you drive a diesel, $6 is the new retail line. If you needed Hormuz open, Perim is the other door getting a boot in it. If you needed a truce, wait for text. Not investment advice.
Bottom line: Perim. 6 million Saudi barrels. Diesel past $6. Brent $104.17 at 8:02. Talks are talks.
GLHR NEWS explains the news. Not investment, tax, or trading advice. Do your own work before you act.
