World News
Iran Prepares to Deploy Mines in Strait of Hormuz: Report
Iranian forces are reportedly preparing to lay mines in the Strait of Hormuz as they continue to stymie commercial shipping's transits through the key chokepoint.
US intelligence assets have seen indications of Iran taking steps towards deploying mines in the strait, CBS News reported on Tuesday.
Smaller craft capable of carrying two to three mines each are being used for the operation, according to the report.
Crude futures rallied after the report emerged. The ICE May Brent contract traded at $88.93/bl as of 6:47 PM in London, up from the day's low of $81.50/bl at 5:22 PM.
The May contract closed at $98.96/bl on Monday, having traded in a range of almost $40/bl throughout the day as markets struggled to react to conflicting interpretations of how long the current disruption to energy markets in the Middle East may last.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 1116.00 | 293.50 | 1768.00 | 385.00 |
| Rotterdam | 772.50 | 141.00 | 1162.50 | 109.00 |
| Houston | 775.50 | 107.50 | 1222.50 | 84.00 |
| Fujairah | 975.50 | 233.00 | 1411.00 | 209.00 |
| Global 20 Ports Average | 929.00 | 194.00 | 1330.00 | 176.50 |
| Global 4 Ports Average | 910.00 | 194.00 | 1391.00 | 196.50 |
| Global Average Bunker Price | 841.50 | 101.50 | 1249.00 | 114.50 |
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