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Oil Slips: Iran Talks, Ukraine Blockade, and VLCC Crunch Drive Price Movement
Iran's partial Strait of Hormuz closure signals leverage ahead of nuclear talks as Chinese imports of Russian crude hit a record 2 million barrels per day, boosting tanker rates.
- This week, Iran temporarily and partially shut the Strait of Hormuz ahead of a second round of nuclear talks with the US, disrupting a route handling over 20% of global oil and gas shipping.
- Amid US military buildup, Iran used a partial Strait of Hormuz closure to signal strength and influence oil prices, amid sanctions and Washington's demands on ballistic missiles.
- China's seaborne imports of Russian oil are surging, expected to surpass 2 million b/d in February with small `teapot` refineries and state-controlled refineries buying discounted cargoes.
- After initial talks, Abbas Araqchi, Iranian Foreign Minister, said negotiators reached common 'guiding principles', a US official set a two‑week timeline for proposals, and US Vice‑President JD Vance said, `In some ways it went well`.
- With shipments to China set to top two million b/d, Ga‑Hyun Chung's Sinokor Group has bought or chartered over 120 VLCCs, while India's Coast Guard seized three sanctioned tankers, reshaping crude flows.
14 Articles
14 Articles
Iran partially shuts Strait of Hormuz, State media broadcasts military drills
Iranian state media broadcast footage on Tuesday (February 17) of Revolutionary Guards drills in and around the Strait of Hormuz, hours after talks began, as semi-official Fars said parts of the waterway would close “for a few hours” for security precautions.
Iran Temporarily Closes Strait Of Hormuz Amid US Nuclear Talks
Iran announced the temporary closure of the Strait of Hormuz on Tuesday for live fire drills in a rare show of force as its negotiators held another round of indirect talks with the United States over the Islamic Republic's disputed nuclear program.
Oil Slips: Iran Talks, Ukraine Blockade, and VLCC Crunch Drive Price Movement
This week's energy newsletter reviews oil and gas price shifts, U.S. rig count figures, key corporate acquisitions and discoveries, and analyzes major geopolitical events impacting global oil trade, including shipping market manipulation and rising Chinese imports of Russian crude. The oil market’s shipping segment is being rocked by a brazen attempt to corner it, with a South Korean shipping tycoon hoovering up any available VLCCs in the market…
What We’re Watching: Iran partially shuts vital shipping lane, China increases purchases of Russian crude, A thaw in the Sahara
Iran shows its leverage over Strait of Hormuz ahead of nuclear talksIran temporarily and partially shut down the Strait of Hormuz – the maritime entryway that handles over 20% of the world’s oil and gas shipping – ahead of a second round of nuclear talks with the US. The move was a show of leverage by Iran, signaling strength to its citizens and its ability to influence global oil prices. Despite the display, Iran is coming into negotiations on …
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