Iran Orders Hormuz Ships Onto Northern Route for 60 Days as Brent Tops $73
Updated
Updated · OilPrice.com · Jun 30
Iran Orders Hormuz Ships Onto Northern Route for 60 Days as Brent Tops $73
3 articles · Updated · OilPrice.com · Jun 30
Summary
Iran said all ships transiting the Strait of Hormuz during the 60-day ceasefire must use the northern lane closest to its coast, with Oman asked to redirect traffic accordingly.
Brent traded above $73 a barrel as renewed U.S.-Iran missile strikes kept war-risk premiums and insurance costs elevated, leaving the partly reopened chokepoint vulnerable to sharp summer price swings.
Traffic has slowed to about 20-25 ships a day this week, mostly inbound rather than outbound, after last week’s cargo-ship attack and weekend strikes on Iranian territory.
Middle Eastern producers are still lifting output to roughly 70-75% of pre-war levels, but a prolonged bottleneck could disrupt export plans even as crude on water climbed to 1.29 billion barrels.