Red Sea crisis is hurting Europe oil product deliveries: IEA

The delays in oil product deliveries due to ships being re-routed to avoid attacks in the Red Sea are impacting product markets in Europe in particular, an International Energy Agency (IEA) executive told Reuters on Wednesday.

“We’re currently seeing a difficult situation with respect to the Red Sea and the Suez Canal,” Keisuke Sadamori, IEA’s director of energy markets and security, on the sidelines of the India Energy Week at Goa.

There has been delays in various deliveries of oil products, Sadamori added.

Since mid-November, the Iran-aligned Houthis have been targeting commercial and military vessels with drones and missiles in the Red Sea, aimed at pressuring Israel to end its bombardment of Gaza and enter a ceasefire.