Oil Price Trend | Hormuz Strait Tanker Traffic Reportedly Completely Halted; NY Oil Surged 8%

According to CNN, the prospects for a 60-day ceasefire between the United States and Iran remain uncertain, and oil tanker traffic through the Strait of Hormuz has essentially come to a halt.

Before the U.S.-Iran conflict, roughly one-fifth of the world's oil and liquefied natural gas supplies were transported via the Strait of Hormuz. As the outlook for a full reopening of the strait becomes increasingly uncertain, global oil prices surged on Wednesday, with NYMEX crude oil futures briefly jumping 8% to a high of $76.08 per barrel.

A source from Iran's security sector stated that if the United States launches any attack on Iran, Iran will close the Strait of Hormuz and retaliate with double the scale of the enemy's assault.

U.S. President Donald Trump, speaking on Wednesday at the NATO summit in Turkey, said he is very unhappy with Iran and that U.S. forces might again deliver a heavy blow to Iran on Wednesday evening, and could re-impose a maritime blockade on Iran.

According to a report from energy research firm Rystad Energy, tanker traffic through the Strait of Hormuz appears to have come to a complete standstill, indicating that market reactions to risk reflect the true situation more accurately than statements from the U.S. and Iranian governments.