- Oil spike reverses as market awaits Iranian response
- Crude prices surged following U.S. strikes on key Iranian nuclear sites but later retreated as fears of an immediate supply disruption eased
- The WTI prompt-month contract fell $0.41 to $73.43/Bbl Monday morning (7:45 AM CT)
- The Middle East crisis continues to grip oil markets, with benchmark prices and options volumes elevated, though physical crude flows remain unaffected for now
- The Strait of Hormuz remains a major concern, and while Iran’s parliament has called for its closure, officials may pursue other forms of flow restrictions
- The strait remains open, but analysts warn that any disruption could drive prices as high as $120–$150/Bbl
- Two supertankers, Cosdiwsdom Lake and South Loyalty, resumed transit through the strait after briefly reversing course over the weekend
- Greece’s shipping ministry has urged caution, and two Japanese shipping firms have announced plans to reduce exposure to the region
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