world
Oil stays below $100 despite Strait of Hormuz shipping limits
Traders have kept crude prices under the $100 mark even after shipping through the Strait of Hormuz faced restrictions. Multiple alternative routes and supply adjustments are in use.
BloombergAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
Crude oil prices have remained below $100 a barrel after shipping through the Strait of Hormuz encountered limits. Market participants have activated several alternative supply routes to maintain flows. These routes include longer tanker voyages around Africa and increased use of pipelines that bypass the strait.
Supply adjustments Some refineries have shifted to crude grades sourced from outside the Persian Gulf region. Storage levels at certain export terminals have also risen as cargoes wait for available vessels. Traders reported that daily loadings from Gulf terminals have declined but not stopped.
The volume reduction has been partly offset by releases from commercial stockpiles in Asia and Europe. No official statements on the duration of the shipping limits have been issued by governments in the region.
Transparency
2 sources · across multiple outlets
CorroborationLimited · 2 sources
