July 24, 2026
What we feared the most has happened, as discussed in the Macrovoices Podcast:
FT: Ship Insurers Restrict War Coverage for Saudi Arabian Cargoes in Red Sea
Ship insurers are restricting war-risk coverage for Saudi Arabian cargoes in the Red Sea, the Financial Times reports. The decision follows intensified Houthi threats targeting Saudi-linked vessels, raising insurance costs and risks for tankers and freighters. This could accelerate cargo diversions around Africa, further tighten oil and goods supply, and compound upward pressure on already elevated physical crude prices amid ongoing Red Sea and regional disruptions.
MacroVoices Podcast@MacroVoices
MacroVoices @ErikSTownsend & @PatrickCeresna welcome, Dr. @anasalhajji . They’ll discuss Anas’s review on how we got into this conflict and why he still believes that it was the goal of the United States to close Hormuz. bit.ly/4wKIgvh
7:30 PM · Jul 16, 2026 · 482K Views
24 Replies · 20 Reposts · 129 Likes
Oil prices fell about 4% on profit-taking following yesterday’s sharp rise, with Brent closing around $97/b. The market has not yet priced in the insurance news.
Reuters: Physical Oil Prices Jump with Some Nearing $110 as Iran, Ukraine Wars Hit Supply
Physical crude oil cargoes in the Middle East, Europe, and Africa jumped to two-month highs this week, with some nearing $110/b, as Iran- and Ukraine-linked supply disruptions tightened the market. Dated Brent reached $105.70 and North Sea Forties hit $108.77. Key factors include Houthi Red Sea tanker attacks, slower Hormuz transit, and Kazakhstan’s CPC terminal suspension after drone strikes, which halved Kazakh output. Middle East premiums surged, Saudi Aramco offered more Mediterranean cargoes, and Asian refiners scrambled for alternative supplies
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