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Diverting shipping away from the Red Sea and Suez Canal and around the Cape of Good Hope south of Africa is beginning to impact global demand for petroleum, and it shows in the monthly report by the International Energy Agency. The IEA’s report for March, released Thursday, sees increased demand for bunker fuel–the fuel that is used to power ships– because the diversions prompted by Houthi attacks on cargo vessels are now having a measurable impact on demand. That factor, combined with what the IEA said is solid demand growth from the U.S., led the agency to increase its closely watched supply…

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