The Strait of Hormuz breathes again: tankers return and the ceasefire holds
Despite weekend strikes, ships are crossing Hormuz once more and Gulf exports are recovering. Crude fell to its lowest price of the year.
After a weekend of nerves, with missiles falling on Kuwait and Bahrain, the news that matters most to your wallet is the quieter one: tankers are crossing the Strait of Hormuz again. And in numbers.
The chokepoint that carries much of the world’s oil is working once more. Gulf exports have climbed back to roughly three quarters of pre-war levels, Saudi Arabia is loading tankers again at Ras Tanura, and the US Navy’s maritime information centre even widened the navigable route off Oman to let more traffic through in both directions.
Crude eases
Markets read all of this as a sign of calm and answered instantly. Brent slipped to around $72 a barrel, its lowest since February, and US crude fell sharply too. In plain terms: the panic of recent weeks has started to drain away.
That doesn’t mean it’s all settled. The ceasefire memorandum is still fragile paper, with each side accusing the other of breaking it, and Donald Trump warning he’ll respond if Iran strikes American interests again. But the technical talks to put the deal into practice are still standing, and for now that’s enough to calm the ships.
For Portugal, the translation is simple: if Hormuz stays open, what we pay at the pump on the weekend tends to drop rather than spike. It was the fear of a cut that kept pushing fuel prices up.
The usual caution applies: the situation changes by the hour, and not everything circulating on social media survives a second read.
See also: Iran strikes US bases in the Gulf and the impact on fuel prices. Follow the international coverage via UN News.
Imagem: Wikimedia Commons