Via Alex Kimani in oilprice.com: A Saudi official has denied reports that Riyadh is providing logistical support for the U.S. air strikes targeting Yemen’s Houthis, Reuters reports. Speaking to the Saudi news network Al-Arabiya, the official denied allegations that Riyadh is providing oil supplies for the ongoing military operations in Yemen. U.S. President Donald Trump ordered military operations in Yemen targeting Houthi sites, whom he described as “terrorists”. U.S. officials expect the American strikes to continue for days, or possibly weeks. The Red Sea is one of the world’s most densely packed shipping channels and the most significant waterway connecting Europe to Asia and East Africa. About 12% of global trade, including 30% of global container traffic, passes through the Red Sea, meaning that delays there can potentially affect fuel prices as well as the availability of various commodities and electronics.
