Iran shuts Strait of Hormuz again as oil rises above $80 and tanker traffic stalls
After Iran said it had again restricted transits through the Strait of Hormuz, Brent crude pushed above $80 and ship-tracking data showed unusually thin traffic. The U.S.-Iran technical talks in Geneva continue as part of efforts to preserve the fragile ceasefire.
Iranian naval officials said on Monday that transits through the Strait of Hormuz had once again been restricted. Brent crude's front-month contract pushed above $80 after the announcement, with ship-tracking data showing traffic well below last week's average.
The Strait of Hormuz, through which about one-fifth of the world's crude oil moves, has remained a barometer of U.S.-Iran tensions in recent months. The U.S.-Iran technical talks in Geneva ran into the evening local time, with new confidence-building measures discussed as part of efforts to preserve the memorandum of understanding.
Strategists at Goldman Sachs and JPMorgan flagged that, if transits normalise within a week, Brent could ease back to a $75-78 range; otherwise the above-$90 scenario would re-enter the discussion. Asian refiners made short-term position adjustments toward Saudi supply.
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