Oil Prices Slide as US-Iran War Ceasefire Under Discussion
Summary
Oil prices dipped as ceasefire talks emerged. Strait of Hormuz traffic still down 90%+ from pre-war but showing signs of selective reopening. China, Russia, India, Pakistan, Malaysia, Philippines, Thailand secured transit. Iraq exempted from restrictions. French and Japanese vessels transited for first time since war began.
Key Data Points
- Hormuz traffic still down 90%+ from pre-war levels
- 53 transits last week (up from 36 prior week)
- China, Russia, India, Pakistan, Malaysia, Philippines, Thailand secured passage
- Iraq exempted from Hormuz restrictions
- French container ship and Japanese tanker crossed April 4
- 45-day ceasefire under discussion
- Oil prices: WTI ~109
Bias Assessment
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