Will Cunliffe
Research Analyst, The Officials
Full steam ahead!
Vessel traffic is up in the Strait despite the targeting of a Taiwanese cargo ship, Ukrainian drone strikes are now hampering Kazakhstan oil
Vessel traffic is up in the Strait despite the targeting of a Taiwanese cargo ship, Ukrainian drone strikes are now hampering Kazakhstan oil production, Kerosene prices have eased massively and China's fiver-year energy plan is here.
Hormuz giveth, and Hormuz taketh away. Transits surged this week, as Kpler data showed the number of transits across the Strait reached 70 on 24 June, a 105% day on day increase. But the flood has been disturbed by the targeting of a Taiwanese, Singapore-flagged cargo ship off the coast of Oman. Our sources said a few vessels U-turned off the back of this, but AIS data from the Peering Eye shows several tankers still using the Omani corridor – some crude tankers are even heading into the Strait! The diplomatic song and dance continues, as Trump keeps peddling the line that Iran's unfrozen funds will be spent on US corn and wheat to fix Iran's "hunger problem". But Iran doesn’t want “GMO soybeans, broken promises and trash talk".
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