- The Strait of Hormuz is not fully open despite a US-Iran ceasefire, with access remaining “restricted, conditioned, and controlled”, according to Sultan Al Jaber, CEO of Abu Dhabi’s state oil company, Adnoc.
- Al Jaber condemned the situation as “coercion” and a dangerous precedent that undermines the principle of freedom of navigation, which is crucial for global trade and economic stability, adding: “The weaponisation of this vital waterway, in any form, cannot stand.”
- An estimated 230 vessels loaded with oil are currently awaiting passage, leading to supply delays, tighter markets, and increased energy prices worldwide.
- The uncertainty surrounding the strait's reopening has caused significant volatility in oil and gas markets, with Brent crude and US crude experiencing sharp price fluctuations.
- Despite some gains in Asian stock markets, analysts note that initial relief following the two-week ceasefire announcement has been replaced by doubts, with focus remaining on tanker movements through the Strait of Hormuz.
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