Oil Steady After Hormuz Ship Flow Restores
Oil prices held relatively steady on Thursday (June 18) after US Vice President J.D. Vance said tankers carrying more than 12 million barrels of oil had passed through the Strait of Hormuz overnight. Vance said the figure was the highest level since the Iran conflict began, although the figure could not be independently confirmed.
Brent crude rose 30 cents to close at $79.85 per barrel, while WTI fell 19 cents to $76.60 per barrel. Oil prices remain down more than 11% since the US and Iran announced a deal on Sunday to end the war and reopen the key energy route.
US President Donald Trump signed the deal with Iranian President Masoud Pezeshkian on Wednesday. Under the deal, Iran must allow ships to pass through Hormuz free of charge for 60 days, while the US is obliged to lift its naval blockade.
Before the Iran conflict, about 14 million barrels per day of oil and 6 million barrels per day of refined products passed through Hormuz. Therefore, the recovery of traffic in the strait is an important indicator for global energy markets and supply expectations.
Vance also said that Iran did not fire on ships in the Strait of Hormuz for two consecutive nights, which is seen as an early sign that Tehran is upholding its commitments.
The market's next focus will be on whether shipping volumes can return to near pre-war levels and whether the US-Iran deal can hold through the 60-day negotiation period.
Source: Newsmaker.id
