Hormuz Shipping Remains Subdued Despite Apparent Reopening
Pakistan’s Five Refineries Set for $6 Billion Upgrade Push Hormuz is “open”, but nowhere close to functioning normally.
has cleared mines from the internationally recognized shipping lanes and can technically get vessels through, but Iran’s military capability will still keep most commercial operators away.
Only five commodity vessels crossed on Tuesday, compared to some 130 ships a day before the war.
Iran is offering a temporary and limited corridor while making full normalization conditional on sanctions relief, an end to the U.S.
blockade and, now, an end to Israeli operations in Gaza, Lebanon and Syria.
Washington cannot guarantee that Israel will stop military operations in three separate theaters, and Israel has shown little willingness to comply at any point in this war.
But Trump has rejected the notion of a return to the previous June agreement, which gave Iran quite a lot more in terms of concessions than Washington appears to be willing to offer now.
The administration is now betting that economic ostracism and the blockade can force Tehran back on worse terms.
Iran is betting on the opposite: that it can withstand the economic pressure longer than Washington and the Gulf can tolerate a crippled Hormuz.
Saudi Arabia reiterated Thursday that it will not normalize relations with Israel without an independent Palestinian state, just as Trump made normalization a condition for the kingdom’s nuclear deal with Washington to take effect.
Trump has formally sent the 30-year civilian nuclear agreement to Congress, starting a 90-legislative-day review that could clear U.S.
companies to export nuclear technology to Saudi Arabia.
| 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% |
Comments
Post a Comment