Tanker operations in the Strait of Hormuz have effectively come to a halt, and oil prices hit a 1weekly high
As tanker traffic through the Strait of Hormuz effectively stopped, international oil prices rose to a 7month 8day multi-week high, and the dollar later showed slight weakness. The United States demanded that Iran promise to halt attacks in the strait on 7month 10day.
As tanker operations through the Strait of Hormuz have effectively come to a halt, international oil prices rose to a 7month 8day multi-week high, and the dollar weakened slightly. This means that disruptions to crude transport are having an immediate impact on financial markets.
U.S. officials said they asked Iran on 7month 10day to pledge to stop attacks in the Strait of Hormuz. The request was conveyed in the form of a U.S. statement.
As the attacks continued, the existing ceasefire was shaken, and tanker traffic through the strait was effectively stalled or delayed as of 7month 9day. Some vessels were said to be diverting or waiting.
Global crude oil prices 7on the 8day of the month, closing at a multi-week high, while stocks over the same period fell under downward pressure from geopolitical tensions. 7on the 9day of the month, indicators continued to show a stable labor market, but geopolitical factors weighed on the dollar, sending it lower.
Several sources said the attacks had a direct impact on traffic through the strait, and reported that shipping delays were sequentially heightening supply concerns. However, there was no announcement of any additional agreement between the parties or of any specific solution.
Sources: Reuters,Seeking Alpha Market News
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