World News
Crude Futures Sink as President Trump Claims Iran to Open Strait of Hormuz
Crude futures plunged on Friday afternoon after US President Donald Trump claimed Iran had agreed to open the Strait of Hormuz.
ICE Brent crude futures traded at $89.33/bl as of 2:47 PM in London on Friday, down from as much as $98.87/bl earlier in the day and from $99.39/bl at the previous day's close. Brent closed at $72.29/bl on the Friday before the recent conflict started at the end of February.
"Iran has just announced that the Strait of Hormuz is fully open and ready for full passage," President Trump said in a social media post on Friday afternoon.
"Thank you!"
Iran has all but closed the Strait of Hormuz to commercial shipping since the US and Israel attacked the country at the end of February. The strait is a key maritime chokepoint through which 20% of global energy shipments normally pass.
The US has been implementing a blockade of ships that have visited Iranian ports this week, in a bid to put pressure on Iran to allow transits of the strait to resume for all ships.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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