Fears of delays in supplies from Libya and the Red Sea have caused refiners to scramble to secure cargoes, and this actions has resulted to driving up oil prices in Europe.

In recent days, spot prices for North Sea and Mediterranean crudes have significantly increased in comparison to the global benchmark, Dated Brent.

This is taking place while Libya’s largest oil field experiences a protracted suspension and Houthi attackes on commercial vessels jeopardize traffic accross the vital Red Sea waterway.

Attacks on vessels has been on the increase recently, so many shipping companies are avoiding the Sea for security of her staff and vessels.