Saudi Arabia has announced the formation of an international coalition to protect Red Sea shipping from Houthi attacks. The coalition includes 13 other countries, with Riyadh set to serve as the founding and leading state:
Oil prices are set for an 8% weekly loss, but ongoing disruptions in the Strait of Hormuz and the Red Sea continue to support oil prices near $90 a barrel:
Additionally, BP has formally launched a process to sell its UK North Sea oil and gas business due to high taxes and a worsening investment climate:
