US blockade of Hormuz expected - Markets react, with oil exceeding 100 USD/barrel
Oil prices rose above $100 a barrel on Monday as the US Navy prepared to block ships to and from Iran through the Strait of Hormuz, a move that could limit Iranian oil exports, after Washington and Tehran failed to reach a deal to end the war.
Brent crude futures rose $6.67 to $101.87 a barrel, while West Texas Intermediate crude rose $7.26 to $103.83 a barrel.
According to analysts, the market has now largely returned to pre-ceasefire conditions, except now that the US will also block the remaining flows of up to 2 million barrels per day linked to Iran through the Strait of Hormuz.
President Donald Trump said the US Navy would begin blocking the Strait of Hormuz, escalating tensions after marathon talks with Iran failed to reach a deal to end the war and jeopardizing a fragile two-week ceasefire.
He added that oil and gasoline prices could remain high through the midterm elections in November, a rare acknowledgement of the potential political fallout from his decision to attack Iran six weeks ago.
US Central Command said US forces will begin enforcing the blockade of all maritime traffic entering and leaving Iranian ports at 14:00 GMT on Monday. It will be “fully enforced against vessels of all nations entering or leaving Iranian ports and coastal areas, including all Iranian ports in the Arabian Gulf and Gulf of Oman,” a CENTCOM statement said.
LSEG shipping data showed that oil tankers are avoiding the Strait of Hormuz ahead of the US blockade of Iran.
Saudi Arabia said it had restored full oil pumping capacity through its East-West pipeline to about 7 million barrels per day, days after giving an assessment of the damage to its energy sector from attacks during the conflict with Iran.
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