What would the implications be for the oil market if Iran decided to permanently tax/toll traffic through the Strait of Hormuz? According to Howard Shatz, a senior economist at RAND and a professor of policy analysis at the RAND School of Public Policy, if the U.S.-Iran conflict led to a permanent tax or toll in […]
President Donald Trump said Chinese President Xi Jinping supports diplomatic efforts aimed at reopening the Strait of Hormuz as ongoing disruption to Middle East shipping continues to pressure global energy markets.
Global oil markets could remain physically tight for months even if a diplomatic resolution to the Iran war is reached soon, according to Kojo Orgle, oil, gas and NGL analyst at ICIS, who said prolonged disruptions tied to the Strait of Hormuz are increasingly pressuring inventories, shipping flows and refinery supply chains.
The U.S. Energy Information Administration will begin publishing new quarterly energy security datasets on May 13 covering global strategic petroleum reserves and shipping flows through key oil and LNG chokepoints, as ongoing disruption in the Strait of Hormuz continues to reshape global energy markets.
Commercial shipping traffic through the Strait of Hormuz remained severely restricted Tuesday as an Iraqi crude supertanker reversed course near the U.S. naval blockade line, underscoring mounting risks for oil and LNG flows through one of the world’s most critical energy chokepoints.
The reputation of the Strait of Hormuz as a reliable artery for global energy trade may be permanently damaged by its prolonged closure, International Energy Agency Executive Director Fatih Birol said.+
Three supertankers laden with crude oil successfully exited the Strait of Hormuz last week, carrying Iraqi and Emirati oil, Reuters has reported, citing data from Kpler and LSEG. The vessels switched off their transponders to avoid detection.
Saudi Aramco reported stronger first-quarter earnings as higher crude prices and expanded pipeline exports helped offset disruption tied to the ongoing Strait of Hormuz crisis.
Traffic through the Strait of Hormuz remained largely frozen amid increasing tensions, as Iran attacked ships and the US started a plan to guide vessels out of the vital waterway.
President Donald Trump said the US will begin guiding some neutral ships trapped in the Persian Gulf out through the Strait of Hormuz starting Monday.