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India Isn’t Rushing Back to Middle Eastern Oil Despite Hormuz Reopening
Indian refiners have enough crude to last them two months, so they will not be scrambling to buy Middle Eastern cargoes expected to be coming out through the reopened Strait of Hormuz anytime soon. According to a Bloomberg report, however, Middle Eastern producers have approached Indian buyers to start taking in volumes under long-term contracts.…
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Oil Prices Rebound as U.S.-Iran Peace Talks Are Postponed
Oil prices began to climb once again in early Asian trade on Friday due to uncertainty over the outcome of peace talks between the United States and Iran after Switzerland confirmed the talks had been postponed. At the time of writing, Brent crude had climbed back above $80 per barrel while West Texas Intermediate had…
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80 Million Barrels of Crude Are Lined Up to Exit the Strait of Hormuz
Tankers carrying a total of 80 million barrels of crude are preparing to move through the Strait of Hormuz after the signing of the preliminary deal between the United States and Iran, Bloomberg reported today, citing data from Vortexa. The crude is on 40 tankers, of which 21 will be heading for Asia, with five…