Oil Markets Brace for a Summer of Hormuz Volatility
AI Summary
Oil markets face potential volatility this summer due to ongoing U.S.-Iran tensions around the Strait of Hormuz. Oil transit rates have slowed after recent attacks on cargo ships and strikes on Iranian territory, affecting Brent crude prices which topped $73.
Brent tops $73 as renewed U.S.-Iran strikes keep Hormuz on edge, leaving oil markets vulnerable to sharp summer price swings. Hormuz Plays Red Light, Green Light as Transits Slow Down This Week - Reaching 59 transits, June 24 has marked the highest number of Hormuz crossings since US-Iran MoU was signed, with traffic slowing down following last week’s attack on a cargo ship and weekend strikes on Iranian territory. - This week’s daily transit rates hover around 20-25 ships per day, however nowadays most of Hormuz movement is inbound…