Strait of Hormuz News Updates

The price for a barrel of Brent crude oil, the international standard, fell 3.8% to $95.56. That’s still above its $70 level from before the war.

Brent crude, the international standard, rose back to $100.49 per barrel and is well above its roughly $70 price from before the war.

Output collapsed by 7.88 million barrels a day to 20.79 million a day in March, driven by losses in Iraq, Saudi Arabia, the United Arab Emirates and Kuwait.

The lightweight metal rose as much as 2.3% on the London Metal Exchange, reigniting a rally driven by supply shortages due to the Middle East war.

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

Brent crude oil, the international standard, fell 0.5% to $95.47 on April 10.

Benchmark U.S. crude was 6.8% higher on April 9 at $100.79 a barrel. Brent crude, the international standard, rose 3.7% to $98.24 per barrel.

Just seven ships, all with a prior link to Iran, were observed making the voyage out of the Persian Gulf. Normal transits in both directions are more like 135 a day.

Shipowners are placing “huge volume requests” for insurance cover as they look to transit the Strait of Hormuz following the U.S.-Iran ceasefire deal.

Hyundai is rerouting ships around Africa to avoid the Strait of Hormuz, slowing the automaker’s global supply lines.