Strait of Hormuz Traffic Is Rising, and Oil Prices Are Plummeting
Windward says traffic is 35-40 vessels a day, while Brent fell 5% and VLCC charter rates hit a year high.
- On Tuesday, June 23, the Strait of Hormuz recorded 31 crossings as commercial and energy-linked vessel traffic began recovering following the interim memorandum of understanding between the United States and Iran.
- Tehran previously announced a 'closure' policy for the strait, but tanker cargoes valued at about $1.1 billion in revenue likely influenced Iran's decision to maintain open transit.
- Maritime intelligence firm Kpler reported 70 ships transited the Strait on Wednesday, marking a 105% day-on-day increase, as vessels increasingly utilized a southern route along Oman to avoid the northern corridor.
- U.S. Secretary of State Marco Rubio rejected proposals on Thursday that would allow Iran to charge transit fees, and Oman's Foreign Minister Sayyid Badr bin Hamad Al Busaidi confirmed future arrangements will not include such costs.
- Brent crude fell 3.8% on Thursday as markets reacted to shipping resumption, yet Richard Mead, Editor-in-Chief of Lloyd's List, described the situation as a 'limbo period' while final negotiations conclude.
12 Articles
12 Articles
Oil Heads for Weekly Loss as Hormuz Tanker Traffic Rebounds
Crude oil prices were on course for a sharp weekly loss amid multiple reports about a strong rebound in tanker traffic in the Strait of Hormuz. At the time of writing, Brent crude was trading at $73.78 per barrel, and West Texas Intermediate was changing hands for $70.53, even after the news of an Iranian strike on a commercial vessel in Hormuz that, Tehran suggested, had used a route not approved by the Iranian authorities. The strike promoted …
U.S. Declares Oil Transit Through Hormuz Back to Normal
American allies in the Arabian Gulf heard reassurances on Wednesday, June 24th, that life on their doorstep is getting back to normal. U.S. energy secretary Chris Wright was on a diplomatic tour in the region, highlighting how the volume of oil shipments passing through the Strait of Hormuz was approaching that routinely achieved before the war began on February 28th this year. Wright estimates that at least 20 million barrels exited the strait …
Free Malaysia Today News
Business RecorderHormuz traffic sees sharp uptick but not back to normal
Kpler’s tracking platform showed 15 commodity vessels had crossed Hormuz by midday on Thursday. (AFP pic) LONDON: Strait of Hormuz traffic has increased sharply but remains at roughly half its peacetime level, officials said on Thursday as stranded sailors made their way out of the waterway. Seventy confirmed crossings were recorded on Wednesday, according to an X post by analytics firm Kpler. This marked the highest number of vessels in a day s…
Trump Brags About Increase in Strait of Hormuz Traffic, Despite Being Far Below Pre-War Numbers
President Donald Trump shared a clip from Fox News to boast about the increase in ships crossing the Strait of Hormuz since earlier this month. It’s still far below the number from before the Iran conflict started. On Tuesday evening, Trump shared a clip to his social media platform Truth Social. It showed Fox News commentator Larry Kudlow talking about the increase in traffic through the strait. Kudlow served under Trump during his first term a…
Hormuz Shipping Surges And Oil Prices Tumble, But New Route Dispute Triggers Tanker U-Turns - Tampa Free Press
U.S. Secretary of State Marco Rubio rejected proposals on Thursday that would allow Iran or any other nation to charge commercial vessels passing through the Strait of Hormuz. His comments at a Gulf Cooperation Council meeting in Bahrain coincided with an official statement from Oman confirming that a new joint maritime traffic system being built […] Hormuz Shipping Surges And Oil Prices Tumble, But New Route Dispute Triggers Tanker U-Turns
Maritime traffic picks up in Strait of Hormuz, but uncertainty lingers
Oil prices continue their slide on Thursday as traffic through the Hormuz Strait has picked up over the past few days. Uncertainty lingers for the shipping industry, though, as disagreements over a potential toll to pass through the Strait could be a stumbling block in US-Iran talks. Also in this edition, US chipmaker Micron's better-than-expected sales forecast sends AI stocks surging again.
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