Iran-Hormuz standoff lifts energy prices as vessel traffic drops

Energy markets extended gains as shipowners largely avoided the Strait of Hormuz despite U.S. President Donald Trump saying no talks with Iran were under way, that the U.S. naval blockade remained active, and that the strait was open after mines were cleared, while Iran said the route would stay closed until Washington met its conditions. Kpler data showed only six commodity vessels crossed on Tuesday by 0258 GMT, down from nine a day earlier and below the 10-day daily average of 11; separate five-day data showed an average of 10 crossings, the lowest since May, after weekend vessel attacks briefly brought traffic to a standstill. Brent stayed above $91 a barrel, WTI traded around $85.31-$85.38, European gas rose above 64 euros per megawatt-hour, and U.S. heating oil rose above $4.50 a gallon as Chinese tanker operators kept ships out of Hormuz and Bab al-Mandeb, LNG deliveries were delayed, and Ukrainian strikes on Russian refineries tightened fuel supplies.

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