Oil extends climb on prolonged Hormuz export uncertainty
Supply fears grew as tanker traffic through the Strait of Hormuz fell below its 10-day average, Reuters reported.
- On Aug 19, oil prices climbed for a fourth straight day as investors weighed conflicting messages from President Donald Trump and Iran over whether the Strait of Hormuz remains open to shipping.
- Tanker-Tracking data showed shipping through the Strait of Hormuz slowed to six vessels on Tuesday, down from the 10-day daily average of 11 as shipowners avoided the waterway amid blockade uncertainty.
- Sparta Commodities senior oil analyst June Goh noted shipping risks remain prevalent in key chokepoints; Gulf producers like Iraq approved mechanisms to export crude via alternative outlets starting Sept 1.
- Brent crude futures rose 0.29% to $91.28 a barrel on Wednesday, while market sources cited by the American Petroleum Institute reported U.S. crude and distillate inventories fell last week.
- A temporary ceasefire agreement expired on Aug 17, with a senior Iranian official stating the country is moving to a "fully offensive" military posture due to the diplomatic stalemate.
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36 Articles
The price of Brent's barrel remained above $90 on Wednesday, while the prospects for reopening the Strait of Ormuz are bogged down. ...
Hormuz traffic slows as shipowners avoid Strait amid Iran war uncertainty impacting oil and LNG shipments
SINGAPORE: Shipping through the Strait of Hormuz slowed, data showed on Wednesday, as most shipowners avoided the key waterway because of a lack of clear signalling on its reopening from a blockade during the Iran war.Six commodity vessels crossed the strait on Tuesday, Kpler data showed by 0258 GMT, down from nine a day earlier and below the 10-day daily average of 11.Inbound traffic included an empty very large crude carrier that followed th…
On August 19, oil prices rise for the fourth day in a row as investors assess conflicting statements by Tehran and Washington over whether the Strait of Hormuz is accessible for shipping.
Shipping through Strait of Hormuz slows amid reopening uncertainty
Shipping through the Strait of Hormuz slowed, data showed on Wednesday, as most shipowners avoided the key waterway because of a lack of clear signalling on its reopening from a blockade during the Iran war. Six commodity vessels crossed the strait on Tuesday, Kpler data showed by 0258 GMT, down from nine a day earlier […]
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