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2 stories found

energy and tradeDEVELOPING

Houthis seize Perim island in Bab al-Mandab — risk to Saudi oil export routes

Houthi fighters captured Perim island in the Bab al-Mandab strait after pro-government forces withdrew from the position. Saudi Arabia said it shut the East-West (Petroline) pipeline after a drone attack the previous day.

  • Houthi forces captured Perim island in the Bab al-Mandab strait, splitting the waterway near its narrowest point.
  • Saudi Arabia shut the East-West (Petroline) pipeline, 1,201 km long, after a drone attack it blamed on Iraq.
1 sources91% confidence
The Guardian Business
monetary policyDEVELOPING

Central banks weigh rate rises as energy costs climb — ECB raised rate to 2.5%

The European Central Bank raised its policy rate to 2.5% this week. Rising oil and gas prices linked to the US–Iran war have pushed inflation concerns back to the fore as the US Federal Reserve and the Bank of England prepare rate decisions next week.

  • ECB raised its policy rate to 2.5% this week.
  • Brent crude about $105 a barrel amid restrictions through the Strait of Hormuz.
1 sources93% confidence
BBC Business