Red Sea Crisis and OPEC+ Cuts Support Oil Prices

Brent Crude prices have held above $80 per barrel for most of February, with signs pointing to a tightening in the physical market as OPEC+ production cuts continue and the rerouting of cargoes away from the Red Sea and the Suez Canal drags on.     European refiners are looking for Atlantic Basin cargoes as arrivals from the Middle East are being delayed by at least two weeks with the longer route via the Cape of Good Hope that tankers have to make to reach the Mediterranean and Norwest Europe.     …