Crude Oil Futures Rise Amid Escalating Concerns Over Strait of Hormuz Situation

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On April 22, crude oil futures rose for the third consecutive trading day as expectations for the reopening of the Strait of Hormuz fell through again. In a report, U.S. oil information company Ritterbusch & Associates stated that President Trump’s extension of the ceasefire agreement has alleviated the immediate possibility of an escalation in the situation, but negotiations may be delayed, and the U.S. blockade is likely to remain in effect indefinitely. Exports through alternative routes and the release of strategic oil reserves have somewhat mitigated the impact on oil prices due to the closure of the strait, while ‘price-related demand destruction is becoming a more pressing topic.’ (Jinshi)

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