Oil prices fell after the opening of the Strait of Hormuz: how much does fuel cost
Фото: Reuters
Oil and natural gas prices fell after Iran announced it would open the Strait of Hormuz, with markets reacting with lower prices amid expectations of reduced risks to energy supplies.
This is reported by Bloomberg .
It is noted that prices began to decline after Iranian Foreign Minister Abbas Araghchi announced the full opening of the Strait of Hormuz.
Brent crude futures on the London Stock Exchange fell to nearly $90 a barrel , snapping this week’s gains, while West Texas Intermediate crude fell to nearly $85 a barrel .
European benchmark gas prices also showed a significant drop. They fell by 9.8% and amounted to about 38 euros per megawatt-hour.
Analysts explain this market reaction by reducing tensions surrounding the transportation of energy resources through a strategically important route.
“The market now believes that the war and the closure of the strait are over,” said Arne Lohmann Rasmussen, chief analyst at Global Risk Management.
At the same time, he drew attention to the limited nature of the opening of shipping.
“However, we note that this only applies to ships heading along the coast of Iran. So, perhaps this is not a complete discovery,” he added.
Iran previously blocked the Strait of Hormuz in response to attacks by the US and Israel, which created risks to global oil and gas supplies.
The day before, Iran opened the Strait of Hormuz to all commercial vessels for the duration of the truce between Israel and Lebanon. The decision was part of the ceasefire agreements and affected the safety of shipping in the region.
Earlier it was reported that French President Emmanuel Macron and British Prime Minister Keir Starmer held a meeting with representatives of about 30 countries on the safety of shipping in the Strait of Hormuz . The participation of the United States in the conference is not planned, and the initiative is being implemented with the participation of states that are not parties to the conflict.
Recall that US President Donald Trump said that the country’s naval forces will soon begin the process of blocking ships attempting to enter or exit the Strait of Hormuz.
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