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Int'l Oil Prices Balloon 20%+ as Strait of Hormuz Remains Virtually Blocked for 7 Days
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The Strait of Hormuz has remained virtually blocked for the seventh consecutive day, according to Bloomberg's compiled ship tracking data. In the past 24 hours, only a bulk carrier associated with Iran has passed through the strait to leave the Persian Gulf, with no vessels reportedly traveling in the opposite direction. This morning (9th), oil prices ballooned, with New York oil futures for April delivery leaping 23.47% to USD112.82/ bbl, and Brent oil futures for May delivery soaring 21.58% to USD112.43/ bbl. The last commercial vessel without apparent ties to Iran to pass through the Strait of Hormuz was a Chinese bulk carrier, which crossed the strait on Saturday morning (7th), data showed. Owing to tankers being unable to enter or exit the Gulf, storage tanks are continuously being filled, forcing some refineries to cut production capacity. Iraq, Kuwait, and the UAE have also been compelled to reduce output. Meanwhile, Saudi Arabia has increased its shipments from Red Sea terminals to a historical high. As of last Friday (6th), only nine empty supertankers remained in the Gulf region, tracking data indicated. AASTOCKS Financial News Website: www.aastocks.com |
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