Oil Settles Near Four-Month Lows With WTI at $69.23, Brent at $71.99
U.S. benchmark West Texas Intermediate crude for August delivery settled at $69.23 a barrel on Thursday, down $2.69, or 3.74%. Global benchmark Brent settled at $71.99 a barrel, down $3.27, or 4.34%, leaving both contracts near their lowest levels in almost four months.
The move extends a broader retreat in oil prices this week, with crude falling back toward prewar levels after tanker traffic through the Strait of Hormuz picked up and supply concerns eased. Earlier reports in the supplied material said Brent had erased the gains made during the Iran conflict while Persian Gulf crude exports had recovered to about 75% of pre-war levels.
From the sources (25 posts)
@zerohedgeUN Maritime Agency Initiates Plan To Clear Hormuz Traffic: Hundreds Of Vessels, 11K Sailors
@reutersEvacuation plan through Hormuz for stranded ships in Gulf underway, UN agency says
@ftHormuz closure strands almost 1,200 cargo ships with $125bn worth of goods
@firstsquawkHormuz closure strands almost 1,200 cargo ships with $125bn worth of goods-FT
@oilheadlinenewsOil tankers are being lured back into the Strait of Hormuz by big payouts
@johnkonradRT @StateDept: SECRETARY RUBIO: "No country is allowed to charge tolls or fees on an international waterway."
@thestudyofwarNEW: Iran is taking steps to establish a joint mechanism with Oman to try to exercise long-term authority over the Strait of Hormuz. Such a mechanism would enable Iran to regulate transit through the strait and decide to restrict passage at
@menchosintSo, as mentioned in the MoU, Oman confirms there will be a temporary free passage, then fees will be charged, probably after 60 days.
@hfi_researchRT @OilandEnergy: The Strait of Hormuz may be reopening, but tanker markets remain in crisis mode. Daily tanker rates have nearly doubled t…
@mercoglianosRT @EYakoby: BREAKING: Secretary Rubio makes clear that Iran will not be allowed to charge tolls. “The Strait of Hormuz is an internationa…
@ajenglishThe UN's maritime agency has launched an operation to evacuate more than 11,000 sailors stranded in the Strait of Hormuz after the US-Iran Memorandum of Understanding paused the war. The strait had been effectively closed by Iran since Febr
@iranintl_enFour vessels operated by South Korean shippers exited the Strait of Hormuz and are sailing to their destinations, while 18 remain in the Persian Gulf, South Korea’s maritime ministry said on Tuesday. The ministry said the four ships are he
@thestudyofwarMORE: A reality in which Iran is able to manage traffic through the strait and collect related fees would constitute a significant strategic victory for Iran and give Iran substantial leverage over global commerce.
@hfi_researchStrait of Hormuz over the last 24 hours. It is very clear to me that IRGC is throttling flows. Any assumptions about a return to normal need to be discarded immediately. They are using the permit mechanism to delay, and since the announ
@ajenglishThe UN's International Maritime Organization has begun evacuating more than 11,000 sailors stranded in the Strait of Hormuz following the memorandum of understanding signed by the US and Iran to end the US-Israel war on Iran. 🔗: https://t.
@ftEstimates from the insurer Allianz are the first to put a value on assets and cargo stuck in the Gulf following the ‘unprecedented’ blockade which, the company said, raised ‘concerns about the future of global maritime trade’.
@mercoglianosRT @StateDept: SECRETARY RUBIO: "No country is allowed to charge tolls or fees on an international waterway."
@hfi_researchRT @HormuzLetter: BREAKING: Iran has now stopped issuing new permits for Strait of Hormuz passage, with only previous permit holders allowe…
@mercoglianosRT @HormuzLetter: BREAKING: Iran has now stopped issuing new permits for Strait of Hormuz passage, with only previous permit holders allowe…
@france24_enMiddle East live: Oman announces temporary maritime corridor through Strait of Hormuz ➡️
@ajenglishSouth Korea’s Ministry of Oceans and Fisheries says that four more South Korean-operated ships have safely left the Strait of Hormuz, bringing the number of vessels that have left the region to six. 🔴 LIVE updates:
@staunovoHormuz closure strands almost 1,200 cargo ships with $125bn worth of goods ‘Unprecedented’ blockade of the strait raises concerns about the future of global maritime trade, says insurer Allianz
@staunovoRT @HFI_Research: Strait of Hormuz over the last 24 hours. It is very clear to me that IRGC is throttling flows. Any assumptions about a…
@staunovoRT @anasalhajji: 🇸🇦🇸🇦🇸🇦Four oil tankers carrying about 7 million barrels of Saudi crude crossed the Strait of Hormuz today, heading to Asia…
@staunovoOman announces temporary maritime corridor for Hormuz traffic