Iran has allowed ten oil tankers to pass freely through the strategic Strait of Hormuz—this is the “gift of immense value” that Trump cryptically referred to earlier this week. Eight vessels passed through earlier this week, with two more joining them later. Among them were ships flying the Pakistani flag. With this gesture, Tehran sought to demonstrate that it takes the negotiations seriously and is ready to end the conflict.
It is worth recalling that the Strait of Hormuz is a critical chokepoint for global commodity trade. About one-fifth of the world’s oil supplies pass through it, so any sign of de-escalation from Iran could ease the risk premium built into WTI and Brent prices. If this gesture were to lead to a broader opening of Iranian exports, the global market could absorb as many as over a million additional barrels per day, which, combined with U.S. strategic reserves, would provide real support for lower fuel prices and inflationary relief for American consumers.
However, oil prices are maintaining their upward momentum today, with prices once again breaking above $100 per barrel.
Source: xStation
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