Iran Seeks Hormuz Fees
Oil markets eased as Hormuz flows held up while Iran pushed new shipping fees.
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The International Energy Agency warned that reopening the Strait of Hormuz is becoming more urgent as global oil stockpiles dwindle, saying the prolonged disruption could keep supply tight through the rest of the year. The UAE said two of its tankers were attacked while transiting the strait Thursday. U.S. Energy Secretary Chris Wright said crude exports through Hormuz are near 9 million barrels per day, after which WTI fell 2.4% to $81.25 and Brent dropped about 2% to $87.07. Iran demanded compensation for Gulf pollution and argued commercial ships should pay new Hormuz fees for environmental damage.
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