Oil futures drop as ships move toward reopened Hormuz
Brent crude fell 3% to $111/bbl after at least one vessel successfully passed through the Strait of Hormuz, signaling partial reopening of the chokepoint that carries 20% of global oil supplies. Iranian state media reported 30 vessels crossing following Trump-Xi talks that affirmed the need for "free flow of energy," while LSEG ship tracking showed a Panama-flagged tanker managed by Japan's Eneos completing passage. The move unwound weeks of $100+ pricing, but 63 laden VLCCs remain trapped inside the Persian Gulf with another 55 waiting to enter.
Sources
- Hormuz Transit Resumption — Spragueenergy
- Oil Prices Fall on Hormuz — Marinelink
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