Persian Gulf Oil Tanker Traffic May Never Fully Recover
Turkey Looks to Create Azerbaijan-Europe Electricity Corridor Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
Oil and gas traffic via the Strait of Hormuz may never go back to pre-war levels if Iran cements its hold over the chokepoint.
The warnings come from several unrelated sources as the war continues to drag on, with some recovery in traffic but nowhere near pre-February 28 levels.
Meanwhile, Big Oil is warning that the looming supply shortage is about to hit global markets in weeks.
“No matter what happens, the Iranians will control the Strait of Hormuz for the foreseeable future,” Amos Hochstein, senior national security and energy advisor to President Biden,toldCNBC last week.
“It doesn’t even matter what the deal says.
Everybody in the region believes that.” The deal that is currently under discussion between the United States and Iran focuses on extending a ceasefire rather than putting an end to the fighting.
Still, differences remain between the two.
The BBCreportedearlier today that President Trump had requested edits to the text of the deal/ That’s despite Trump saying last week that “The one guarantee that I have to have is that there will be no nuclear weapons.
They've agreed to that, and it was very interesting.” While the negotiations drag on, expectations that Iran will remain in de facto charge of the Strait of Hormuz appear to be strengthening.
“Any end to the conflict that leaves Iran exercising operational control and influence over the Strait will result in appreciably lower flows through the waterway in our view,” RBC Capital Markets’ Helima Croft said in a recent note, as quoted by CNBC.
Related: Turkey Looks to Create Azerbaijan-Europe Electricity Corridor The Wall Street Journal, meanwhile,reportedlast week that the U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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