Global Crude Oil Prices Update After Iran Shut Strait of Hormuz Again

Global crude oil prices update after Iran shut Strait of Hormuz again

The prices of crude oil have remained flat at below $100 per barrel after Iran announced the closure of the Strait of Hormuz hours after reopening. Checks by DAILY POST showed that West Texas Intermediate and Brent crude stood at $83.85 per barrel and $90.38 as of the time of filing this report, nearly the same rate recorded on Saturday. Recall that WTI and Brent crude prices fell by 11 and 9 percent, respectively, on Iran’s earlier announcement…

Oil and LNG prices set to rise again after Iranian u-turn

Numerous fuel tankers reversed course en route to the Strait of Hormuz after Iran warned ship captains that the vital channel is once again closed to maritime traffic.

LNG tankers make U-turns from Hormuz as Iran keeps strait shut

Tankers carrying liquefied natural gas are now rerouting away from the Strait of Hormuz following Iran's warning that the key passage is effectively closed. This critical situation has led to a suspension of LNG shipments accounting for 20% of global supply, resulting in escalating prices and emerging shortages across Asian markets.