Oil rises as renewed US-Iran strikes stoke supply fears
XLE•Hormuz reopening efforts remain inconclusive
Efforts by mediators including Qatar and Oman to broker a deal to reopen the Strait of Hormuz, which carried about a fifth of global oil supplies before the war erupted in late February, have so far proven inconclusive.
On Monday, the number of visible commodity vessels transiting the Strait of Hormuz held at about five per day, below the 10-day average of around 14, shipping data from Kpler showed. None of the five ships were liquid tankers.
Highlighting the risks that remain to shipping and oil supply, the United Kingdom Maritime Trade Operations agency (UKMTO) said on Tuesday a tanker reported being struck by three projectiles while sailing out of the Strait of Hormuz. No casualties or environmental impacts were reported.
Analysts say market buffers are getting tight
"Despite satellite tracking firms suggesting oil flowing through Hormuz is around 6 million barrels per day, that is well below pre-conflict levels," said ANZ analysts in a note.
