Iran has announced that commercial shipping through the strategically vital Strait of Hormuz will remain fully open for the duration of the current ceasefire, signalling a potential easing of tensions in one of the world’s most critical energy corridors.
Qatar may extend force majeure on gas supplies beyond mid-June, Italian importer Edison said, after cancellations linked to the Middle East war, with Edison replacing lost LNG cargoes by increasing purchases from the US.
The US nearly became a net crude exporter for the first time since World War Two, as exports surged toward record levels to meet rising demand from Asia and Europe replacing disrupted Middle East supplies.
Talks aimed at ending the Iran war could resume in Pakistan within the next two days, US President Donald Trump said on Tuesday, raising cautious hopes for a breakthrough even as a fragile ceasefire nears its expiry in the coming days.
Oil prices fell below $100 a barrel this morning (April 14) over signs of new US-Iran dialogue to end their war. Brent crude was at $97.8 in early trade, while US WTI crude was at $96.83.
deVere Group CEO Nigel Green warns that closing the Strait of Hormuz would trigger a sharp oil price surge beyond previous spikes and cause intensified market volatility as blockade risks become more plausible.
US President Donald Trump on Sunday announced that the US Navy would immediately begin blockading the Strait of Hormuz, sharply escalating tensions after marathon talks with Iran collapsed without a deal to end the war, leaving a fragile two-week ceasefire hanging in the balance.
The US and Iran failed to reach an agreement after marathon 21-hour talks in the Pakistani capital Islamabad throwing the two-week Middle East ceasefire into doubt.
Asia's biggest liquefied petroleum gas (LPG) importers, including India and China, are racing to replace disrupted Middle East supplies with cargoes from the Americas, driving spot premiums to record highs, analysts and traders said.
The US military said on Saturday that two of its warships had passed through the Strait of Hormuz and conditions were being set to clear mines, while Iran's state media denied any US ships had transited the waterway.
