Strait of Hormuz News Updates

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.

Legislators in several states are calling for measures to temporarily halt motor fuel taxes to alleviate the impact of rising prices at the pump for residents.

The price for a barrel of benchmark U.S. crude oil plunged 15.6% to $95.32. Brent crude, the international standard, tumbled 13% to $95.12 per barrel

While shipowners and insurers lined up to welcome the ceasefire, they also warned that more details will be needed to determine if safe transit is possible.

The price for a barrel of benchmark U.S. crude climbed 3.9% to $116.83. Brent crude, the international standard, added 0.7% to $110.55.