The Red Sea attacks deal a double blow to the oil market. The decline in the movement of oil tankers through the Suez Canal leads to the beginnings of a division into two main markets.
Oil shipments from the United States to Asia fell by more than a third last month compared to December. The market division does not seem permanent, but it makes it more difficult for import-dependent countries such as India and South Korea to diversify the sources of their oil supplies. For refineries, this limits their flexibility in responding to rapidly changing market data.