Oil prices fall; tanker bosses remain cautious on Hormuz transit
Oil prices fell to a three-month low on Tuesday, following Monday’s sharp sell-off, as investors continued to await more details on the U.S.-Iran deal to end the Middle East conflict.
Brent crude oil Futures, the international price benchmark, are trading at $82.13, down 1.25%, as of 04:00 UTC.
WE West Texas Intermediate July futures contracts fell below $80, losing 1.41% to $79.67.
Oil futures rose slightly overnight before reversing course, falling to their lowest level since March 4 in the previous session.
This volatility reflects ongoing uncertainty regarding the full terms of the peace framework agreed upon between the United States and Iran.
Brent crude oil.
The push to resolve the war will dominate discussions among G7 leaders in Évian-les-Bains, France, starting today, with more details on the memorandum of understanding expected to be released later this week.
Tanker bosses are cautious during the Hormuz crossing
Washington and Tehran had previously reached an agreement. The interim agreement on Sunday will extend the US-Iran ceasefire by 60 days and reopen the Strait of Hormuz to all shipping.
Arriving at the G7 meeting, President Donald Trump said a peace framework with Iran had been signed and added that the Strait of Hormuz would “fully reopen” without Iranian tolls on Friday. Trump said an official signing ceremony would be held in Geneva on Friday.
German global container shipping giant Hapag-Lloyd welcomed the possibility of a peace agreement and the end of all military operations in the region as “good news for us, our crews and our customers”.
“We hope that our remaining four ships will be able to pass through the Strait of Hormuz this weekend,” Hapag-Lloyd said in a statement. he said.
West Texas Central.
But the head of the world’s largest tanker operator has proposed a more complex way to normalize traffic in the Bosphorus, which accounted for about 20% of world oil supplies before the outbreak of war at the end of February.
Jotaro Tamura, Chief Executive Officer of Mitsui OSK Lines, said: Finance Times It was stated on Tuesday that many operators may wait weeks until their tankers are allowed to continue transiting the Bosphorus.
“What needs to happen is not just a simple agreement between the countries involved, but it also needs to be material and transferred to the real situations in the Strait of Hormuz, so that shipping lines can transit comfortably,” Tamura said. he said.
