Prosper Okoye
Oil prices edged lower Monday amid light Easter holiday trading, as investors cautiously welcomed reports that a few oil tankers had successfully navigated the Strait of Hormuz.
“There is definitely some sort of volumes being shipped through the strait—by far not at all normalising the commercial ship traffic—but it’s definitely a step in the right direction,” said Ole R. Hvalbye, an analyst at SEB.
By 10:50 a.m. GMT, Brent crude was down 0.8% at $108.20 a barrel, while U.S. West Texas Intermediate fell 1.4% to $110.01.
Join our WhatsApp ChannelThe declines followed remarks from Turkey’s transport minister that a third Turkish-owned vessel had passed safely through the strategically vital but war-torn waterway.
Iran has closed the Strait of Hormuz since U.S.-Israeli strikes on its territory began February 28, sending global oil and gas prices sharply higher from pre-conflict levels of around $60 a barrel.
Turkey said its Ocean Thunder tanker, carrying crude from Iraq to Malaysia, transited the strait Sunday without incident. According to global ship-tracking service Marine Traffic, the vessel departed from Basra, Iraq. Two other ships also exited the strait over the weekend.
Separately, Japanese shipping company Mitsui O.S.K. Lines reported that an Indian-flagged LPG tanker owned by its subsidiary had passed through the strait on Monday.
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Iran’s Revolutionary Guards said Sunday they are finalising new operational rules for the waterway, warning that conditions “will never return to its former status, especially for the U.S. and Israel.”
Prosper Okoye is a Correspondent and Research Writer at Prime Business Africa, a Nigerian journalist with experience in development reporting, public affairs, and policy-focused storytelling across Africa
