Energy

Iran and Oman Near Landmark Deal to Manage Strait of Hormuz

Iran and Oman are close to agreeing on joint management of the Strait of Hormuz, media have reported, citing a statement by Iran’s foreign ministry spokesman, Esmaeil Baghaei. Crude oil prices have been trending lower, in the meantime, with Brent crude dipping below $80 per barrel and trading at $79

Source: OilPrice.com

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DW NOTE

Iran has been blockading the Strait for five months — 2,000 ships stranded, 2 transits where there should be 73 per day, the largest supply disruption in modern oil market history. Now they want to "manage" it jointly with Oman. That is not diplomacy; that is monetising an act of economic warfare after the world has already absorbed the cost.

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Hedge Funds Pile Into Fuels as U.S. Supply Squeeze Deepens

For the first four months of the war between the United States and Israel and Iran, oil traders remained largely bearish. The overwhelming expectation was that the war would end soon—even as July rolled around—and oil flows out of Hormuz would recover. Instead, the world is slipping into a fuel shor

Iran and Oman Near Landmark Deal to Manage Strait of Hormuz

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