Anas Al-Hajji: how the three seas crisis and Saudi supplies affected oil prices
Energy economist Anas Al-Hajji said oil prices rose over the past month from the seventies levels to around $120 a barrel, mainly because of a large drop in global oil supply. He attributed the drop partly to halted Saudi exports via Bab el-Mandeb, the Red Sea and the Suez Canal, but said supply declines in more than 14 countries, including Norway, Angola, Venezuela, Senegal, Ghana, Argentina, Colombia and Libya, were also factors. Prices later fell as supplies from several countries recovered.
Why it matters: For energy security analysis, the episode shows that price moves track actual supply volumes and shipping chokepoints, not just media-covered incidents.