Commodities
Home›Commodities›Energy›Tanker crossings stay low at Hormuz and Bab el-Mandeb…
Tanker crossings stay low at Hormuz and Bab el-Mandeb amid Iran tensions
Kpler data cited by Reuters showed 12 tankers crossed Bab el-Mandeb on Monday, while Hormuz saw three crossings, as traders questioned claims of renewed peace talks.
Tanker traffic through two key shipping chokepoints stayed muted at the start of this week despite talk of possible renewed peace talks involving Iran, data compiled by Kpler showed, according to Reuters as cited by OilPrice. OilPrice reports that on Monday a dozen tankers crossed the Bab el-Mandeb Strait, and most vessels had their transponders on, indicating they were not trying to move through the area undetected. In the Strait of Hormuz, only three tankers crossed on Monday, down from seven on Sunday, based on the same Kpler data. OilPrice said President Donald Trump’s comments about renewed interest in peace talks pressured oil late last week and into this week, but prices later reversed as traders began to doubt the claims and the likelihood that an agreement could be reached. The report also points to additional concerns about U.S. intentions, saying Reuters cited reports that U.S. Central Command was seeking new approaches to pressure Iran. It notes that the report suggests the U.S. military may not be preparing for peace, while Iran continues to block vital energy trade routes, contributing to higher oil prices and gas prices back above $4 per gallon, OilPrice wrote.