Iran Says It Seized Oil Tanker Listed by U.S.
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On Friday morning, the tanker, Odessa, reached waters off South Korea’s western port city of Seosan, weeks after passing through the Strait of Hormuz during a period of ceasefire talks between Iran and the United States, according to HD Hyundai Oilbank.
A Chinese-owned oil tanker came under attack near the Strait of Hormuz for the first time since the U.S.-Iran conflict began on Thursday. A report from Chinese media stated that the unnamed vessel was marked “CHINA OWNER & CREW.
Even if the Strait of Hormuz reopened today, oil would still take more than a month to reach consumers. The economic shock from the Iran war could take far longer to ease.
California gas prices surge as the last Middle East oil tanker reaches Long Beach, signaling tighter supply and more volatility ahead.
U.S. crude futures rose as much as 3% in early trading on Friday after renewed hostilities broke out between the U.S. and Iran.
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Crude oil prices sink on improved Iran peace prospects
June WTI crude oil (CLM26) on Wednesday closed down -7.19 (-7.03%), and June RBOB gasoline (RBM26) closed down -0.1613 (-4.46%). Crude oil and gasoline prices plummeted on Wednesday, with crude falling to a 2-week low and gasoline sliding to a 1-week low.