Limited ship movement despite announcement to 'open' Strait of Hormuz
Limited shipping despite announcement to 'open' Strait of Hormuz Iran has said it will open the Strait of Hormuz, but ship owners and insurers are still unable to make a final decision as security risks have not been reduced. Oil and gas prices are fluctuating as supply routes are disrupted, sanctions policies are changing, and diplomatic signals are rapidly changing, while European gas is also experiencing a decline in oil prices. Brent crude oil prices have fallen from $98 to $88 per barrel. The Strait of Hormuz and supplies About 20% of the world's oil and gas passes through the strait. The Iran ceasefire agreement has reopened this vital route. Impact on India: More than 60% of India's LPG needs are imported, the bulk of which comes through Hormuz. The opening of the route is also showing signs of easing cooking gas prices in India. Current Situation: Despite Iran's announcement to open the Strait, ship owners remain cautious as security risks remain un...