By David Uren*
Attacks on shipping in the Red Sea have had almost no impact on the oil price, despite the volume of oil shipped through the waterway surging 80% over the last two years because of the war in the Ukraine. (Australian Strategic Policy Institute. The Strategist.)
Markets more worried about a soft global economy and rising US and Brazilian oil production than by the prospect of interrupted oil flows, having already seen the global oil market adjust to the massive disruption caused by Russia’s invasion of its neighbour.
