Oil extends climb on prolonged Hormuz export uncertainty
Supply fears grew as tanker traffic through the Strait of Hormuz fell below its 10-day average, Reuters reported.
- On Aug 19, oil prices climbed for a fourth straight day as investors weighed conflicting messages from President Donald Trump and Iran over whether the Strait of Hormuz remains open to shipping.
- Tanker-Tracking data showed shipping through the Strait of Hormuz slowed to six vessels on Tuesday, down from the 10-day daily average of 11 as shipowners avoided the waterway amid blockade uncertainty.
- Sparta Commodities senior oil analyst June Goh noted shipping risks remain prevalent in key chokepoints; Gulf producers like Iraq approved mechanisms to export crude via alternative outlets starting Sept 1.
- Brent crude futures rose 0.29% to $91.28 a barrel on Wednesday, while market sources cited by the American Petroleum Institute reported U.S. crude and distillate inventories fell last week.
- A temporary ceasefire agreement expired on Aug 17, with a senior Iranian official stating the country is moving to a "fully offensive" military posture due to the diplomatic stalemate.
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39 Articles
The price of Brent's barrel remained above $90 on Wednesday, while the prospects for reopening the Strait of Ormuz are bogged down. ...
Hormuz traffic slows as shipowners avoid Strait amid Iran war uncertainty impacting oil and LNG shipments
SINGAPORE: Shipping through the Strait of Hormuz slowed, data showed on Wednesday, as most shipowners avoided the key waterway because of a lack of clear signalling on its reopening from a blockade during the Iran war.Six commodity vessels crossed the strait on Tuesday, Kpler data showed by 0258 GMT, down from nine a day earlier and below the 10-day daily average of 11.Inbound traffic included an empty very large crude carrier that followed th…
On August 19, oil prices rise for the fourth day in a row as investors assess conflicting statements by Tehran and Washington over whether the Strait of Hormuz is accessible for shipping.
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