Iran reported the passage of 30 ships through the Strait of Hormuz. What about oil prices?

Oil prices fell on Thursday, Ma. 14, after Iran's state media reported that about 30 ships had passed through the Strait of Hormuz in recent hours. Iran's semi-official Fars news agency quoted a source as saying that Iran had begun allowing some Chinese ships to transit, Reuters reported.

On Thursday, Brent crude futures fell by 0.36% to $105.25 per barrel, while WTI crude fell by 0.26% to $100.76 per barrel. Both contracts were declining on Wednesday as well: investors feared a possible rate hike in the U.S., as rising fuel prices are adding to inflationary pressures. On Ma 13, Brent futures lost more than $2 per barrel, while WTI futures lost more than $1.

Even before the Fars report was published, a Chinese supertanker carrying 2 million barrels of Iraqi oil passed through the strait on Wednesday, Reuters points out. That tanker had been blocked in the Persian Gulf for more than two months. According to LSEG, a Panama-flagged oil tanker operated by Japanese refining group Eneos Holdings also passed through the strait on Thursday, the agency notes. This is the second time a Japanese-affiliated oil ship has been able to pass through the strait.

The Strait of Hormuz, a key route for energy supplies, has remained largely closed since late February.

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This article was AI-translated and verified by a human editor