War headlines today.
- Houthis close Taiz bulge, lose Mocha.
- Houthis bomb Yanbu pipeline again and another refinery.
- Houthis bomb tanker in Bab al-Mandeb.
- Iran/US talks continue.
Brent dropped 2% anyway to around $100. This is a good sign that enough oil is flowing through Hormuz, even if the rumour is that it has slowed over the past week as Iranian attacks increased. That said, dated Brent’s physical barrels remain very tight.
