Latest News Updates From Yongchang Chin

Aramco is now selling its heavier grades by moving them through Hormuz. Other Persian Gulf nations including Iraq and Qatar have also increased crude exports.

Morgan Stanley says a closure into late June "is the regime in which Brent flat price has to do work it has so far been able to avoid,” referring to futures.

Analysts say resumption of prewar levels by July “might introduce $15- to $20-a-barrel upside risk to prices.”