Off the coast of Oman near the city of Al Fujairah, two large tankers were holed last Thursday. No injuries were incurred as the crews of both vessels were rescued. An incident of this magnitude would, under usual circumstances, caused great consternation, an investigation as most assuredly, a spike in the oil price. Rather, zip. Nada. Gornisht. This is a curious phenomenon. Would not those bodies requiring large, constant and reliable supplies have rushed to buy as much crude as they could prior to said expected price rise? Last week the answer was, clearly, No.
Storm Clouds gathering in the Persian Gulf
Weekly Report - 17/06/2019