White House's Kirby Live On CNBC Says U.S, Partners Will Do What They Have To Do To Protect Ships In Red Sea; Attacks On Ships In Red Sea Have To Stop
Portfolio Pulse from Benzinga Newsdesk
White House's Kirby announced on CNBC that the U.S and its partners are committed to protecting ships in the Red Sea and emphasized that attacks on these ships must cease.
December 19, 2023 | 7:12 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) may experience indirect impact due to increased geopolitical tensions in the Red Sea region, potentially affecting market sentiment.
While SPY reflects the broader market and is not directly linked to maritime security, geopolitical tensions can affect investor sentiment and market stability, which in turn could influence SPY's performance.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
The United States Oil Fund (USO) could see short-term price fluctuations due to potential threats to oil shipments in the Red Sea, which is a key transit route for global oil supply.
The Red Sea is a strategic chokepoint for oil shipments. Any threat to shipping security in the area could disrupt oil supply and lead to volatility in oil prices, which would impact USO as it tracks the price of crude oil.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70