Just One Commodity Vessel Left the Strait of Hormuz on Wednesday
Saudi Arabia Sells 100 Million Barrels of Crude to Asia via Hormuz What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… The number of commodity vessels observed to have moved in and out of the Strait of Hormuz remained stubbornly low on Wednesday and below the 10-day moving average as the United States and Iran remain distant on how to end the war.
On Wednesday, only ten commodity vessels transited the Strait, including nine inbound and only one outbound—a Supramax laden with fertilizer, according to shipping data compiled byReutersearly on Thursday.
That’s below the 10-day moving average of 17 vessels, despite an uptick in the daily transits compared to earlier this week.
The tracking excludes any movements of ships that have switched off their positioning systems to avoid detection or becoming targets of attacks.
Owners and energy exporters are becoming increasingly careful navigating through the Strait of Hormuz amid re-escalation of hostilities this month, including strikes on tankers, the threat from the Iran-aligned Houthis in the Red Sea, and thetemporary shutdownof the East-West onshore pipeline in Saudi Arabia.
The Kingdom on Tuesdayrestored partial serviceon the East-West pipeline, which allows it to bypass the Strait of Hormuz and ship crude oil out of the Red Sea port of Yanbu.
Meanwhile, Iran and the United States, which intensified indirect messaging and contacts on the sidelines of the UN General Assembly in New York this week, remain distant on any potential agreement to end the war.
SetOilPrice.comas a preferred source in Googlehere.
Iran’s President Masoud PezeshkianvowedTehran “will not bow” to U.S.
pressure, while a senior Iranian official told Reuters on Wednesday, “There are still many differences between the Iranian and US positions, but diplomacy is continuing.” Hopes of diplomacy prevailing this time had draggedBrent Crude pricesbelow the $100 a barrel mark early this week.
But the Brent oil price rose early on Thursday, holding above $103 per barrel in Asian trading as of publication.
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| 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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