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Oil Prices Fall as Tankers Exit Strait of Hormuz
Qatar’s prime minister said normal LNG production should resume within weeks as nine empty tankers head to load cargoes.
- On Thursday, oil prices extended their decline as tankers exited the Strait of Hormuz following an initial accord to end the war with Iran, easing global supply concerns and pushing Prompt-month Brent crude futures down 0.54 percent to $73.34 a barrel.
- An initial accord reached last week allowed traffic through the strait to restart, unlocking supply previously trapped in the Gulf. Analysts estimated nearly 90 million barrels of crude had been stuck inside the region since the conflict began.
- Energy Secretary Chris Wright told a forum on Wednesday that at least 20 million barrels had exited the strait in the last 24 hours. He added that complete normalcy would take weeks because the strait requires demining.
- Prime Minister Mohammed bin Abdulrahman al-Thani said Qatar will resume normal LNG production within weeks, as empty tankers Shandong Redwood and Milaha Qatar transit to load cargoes from the Gulf state.
- Eighteen of the 26 vessels stranded since the conflict began remain in the Gulf, while the accord establishes a 60-day period of negotiations to address complex issues including Iran's nuclear program.
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Oil prices fall as tankers exit Strait of Hormuz
BEIJING, June 25 : Oil prices extended their decline on Thursday, edging closer to pre-war levels as stranded tankers exited the Strait of Hormuz following an initial accord to end the U.S.-Israeli war with Iran, easing supply concerns.Prompt-month Brent crude futures for August delivery fell 40 cents, or 0.5
·Singapore, Singapore
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Before the beginning of the Iran war about 40 large oil-loaded tankers passed the road of Hormus every day. After the beginning of the war hardly any ship managed to get through the strait. Now movement is to come back into the road of Hormus. A live map shows the current situation.
·Leipzig, Germany
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Total News Sources10
Leaning Left0Leaning Right4Center1Last UpdatedBias Distribution80% Right
Bias Distribution
- 80% of the sources lean Right
80% Right
C 20%
R 80%
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