Huts and prices
As we wrote on money.pl – the market clearly responded to the night's events. Friday morning Brent crude oil Prices increased by 2.4%. – Reached prices over $79. WTI Crude Oil Futures In turn, it increased by 2.5%. – almost to 74 dollars. The Americans are already starting to pay for the night attack. The exchange rate has changed slightly. In small amounts – about 1 percent. – Gold also became more expensive.
Expect further market volatility if the Houthis follow through on their threats and continue to attack ships. This may mean further attempts of revenge from the West.
“At the turn of the year, the shipping rate for one container from East Asia to Northern Europe nearly doubled to $4,000 in one week. The average price on the East Asia-Mediterranean port route jumped to $5,175, with some carriers asking $6,000. This, of course, will not make it easier for governments and central banks to fight inflation,” we read in “RZ”.
Global trade was already expected to contract by 1.3%. Before the crisis, 500,000 people crossed the Red Sea every day. containers, and in December this number dropped to 200,000. This was already announced by Alan Baer, president of the marine transport company OL-USA “Higher levels of transportation costs were felt in supply chains and by consumers in the first quarter.”
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