World's Largest Tanker Operator Cautions Against Hormuz Rush
Brent crude fell 0.53% as traders waited for terms of the provisional ceasefire, while tanker operators said Strait of Hormuz traffic may take weeks to normalize.
- President Donald Trump announced the peace framework with Iran is signed, claiming the Strait of Hormuz will 'completely reopen' by Friday, with a formal signing ceremony scheduled for Geneva.
- Washington and Tehran reached a provisional agreement on Sunday extending the ceasefire for 60 days, reopening the critical shipping route that handles around 20% of global oil supply.
- German shipping giant Hapag-Lloyd welcomed the peace prospect, saying 'good news for us, for our crews, and for our customers,' expressing hope its four remaining ships will transit the Strait soon.
- Chief Executive of Mitsui OSK Lines Jotaro Tamura cautioned that operators may wait weeks before resuming transit, requiring material agreement proof, not merely a simple accord.
- Brent crude futures fell 0.53% to $82.74 early Tuesday as volatility persists amid lingering uncertainty over the agreement's full terms, with further details expected later this week.
57 Articles
57 Articles
Tanker Companies Say Hormuz Traffic Will Take ‘Weeks’ to Return to Normal
Tamura Jotaro, CEO of Japan’s Mitsui OSK Lines (MOL), predicted that it will take “at least a couple of weeks, or if not a month” for shipping traffic through the Strait of Hormuz to return to pre-war levels. The post Tanker Companies Say Hormuz Traffic Will Take ‘Weeks’ to Return to Normal appeared first on Breitbart.
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The national average price of regular gasoline in the United States fell below $4 per gallon on Sunday, June 14 – the first time since mid-April, according to data from fuel analytics firm GasBuddy. The decline followed President Donald Trump’s announcement late Sunday that a peace deal with Iran had been secured, sending crude oil futures sharply lower. GasBuddy reported the national average at $3.99 per gallon, down 9.3 cents from the previous…
Strait of Hormuz shipping traffic may take few months to return to pre-war levels
The global energy chokepoint, the Strait of Hormuz, will see a gradual increase in ship traffic following the US-Iran peace deal, but the traffic of pre-war levels could take several months as uncertainties remain over the reopening of the vital waterway. The war in the Middle East, beginning with the US and Israeli strikes on Iran on February 28, concluded with an agreement following negotiations. Prime Minister Shehbaz Sharif said the US and I…
The Strait of Ormuz is likely to reopen on Friday 19 June, but in fact the resumption of significant traffic in the area will take months.
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