Oil Declines as Libya’s Top Field Restart Eclipses Red Sea Risks

(Bloomberg) -- Oil fell as OPEC member Libya restarted output at its largest field, bolstering global supplies and overshadowing for now concerns about tensions in the Red Sea that look set to continue disrupting shipping. Libya’s National Oil Corp. said that flows from Sharara — which previously pumped about 270,000 barrels a day — would resume after a three-week stoppage. Elsewhere in the Middle East, traders are expecting prolonged disruption to shipping in the Red Sea and Suez Canal as the US attempts to prevent Iran-backed Houthi rebels in Yemen from attacking vessels. Oil markets have factored in the impact of the Red Sea disruptions and the Israel-Hamas conflict, according to Vandana Hari, founder of Singapore-based analysis firm Vanda Insights. Most Read from Bloomberg Businessweek©2024 Bloomberg L.P.