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Commercial traffic through the Strait of Hormuz rose on Saturday while Iran renewed threats to close the waterway. U.S. benchmark crude traded at about $75 per barrel on Monday, down slightly from late last week.
U.S. benchmark West Texas Intermediate crude traded at about $75 per barrel on Monday, down slightly from its price late last week. U.S. Central Command said commercial ship travel through the Strait of Hormuz increased on Saturday and that safe passage remained intact.
Over the weekend the Iranian military said it would close the strait in response to Israeli strikes in Lebanon. Iran and the U.S. met in Switzerland for a first round of talks aimed at making a temporary cease-fire permanent.
A memorandum of understanding announced last week stated that Iran will make arrangements for the safe passage of commercial vessels with no charge for 60 days through the strait and will conduct dialogue with neighboring Oman to define future administration and maritime services.
Since the start of the war earlier this year, Iran has effectively closed the Strait of Hormuz, a key oil shipping lane off its coast through which about 20 percent of the world’s oil typically travels. On Saturday the 20th, Vesseltracker counted around 50 vessels entering the strait; the number fell by roughly half the following day.
Energy Secretary Chris Wright said Sunday that the flow of oil through the Strait of Hormuz is returning to normal. Patrick De Haan, head of petroleum analysis at GasBuddy, said on Monday that U.S. and Iranian incentives align toward making a deal.
“Americans and their affinity for cheap energy is kind of a driving power right now,” De Haan said. , the national average gas price reached as high as $4. On Monday the average stood at about $3.93 per gallon, according to AAA.
FDDPresident Donald Trump stated on June 22 that he would take unspecified action if Iran does not honor an interim agreement signed last week. The deal unfreezes Iranian funds for exclusive U.S. food purchases and reopens the Strait of Hormuz.
newrepublic.comHouse Republicans described President Trump’s military funding approach as risky and uncoordinated. Defense Secretary Pete Hegseth will brief Republican lawmakers Wednesday on a proposed $350 billion Pentagon package.
Japan TimesChina’s Ministry of Commerce placed MP Materials, USA Rare Earth and eight other U.S. firms on its export control list. The restrictions bar access to dual-use items and respond to a recent Pentagon roster of Chinese companies.