Crude oil futures rise due to growing concerns over the Strait of Hormuz situation

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BlockBeats News, April 22 — Crude oil futures rose for the third consecutive trading day as the expectation of the Strait of Hormuz reopening was once again dashed.

The U.S. oil information firm Ritterbusch & Associates stated in a report that Trump’s extension of the ceasefire agreement eliminated the urgency of escalating tensions, but negotiations could be delayed, and the U.S. blockade is likely to be maintained indefinitely.

Exports through alternative routes and the release of strategic petroleum reserves have somewhat alleviated the impact on oil prices caused by the closure of the strait, while “demand destruction related to prices is becoming a more popular topic.” (Jin10)

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