Global crude oil prices reversed their recent downward trajectory as markets digested reports of a potential US policy shift regarding the Strait of Hormuz.
The development marks a sharp pivot from earlier sentiment, which had been buoyed by data showing record throughput through the critical chokepoint.
According to Naftemporiki, the US is considering imposing a 20% toll on all cargo transiting the strait, alongside a renewed blockade of Iranian ports.
According to Naftemporiki, the US is considering imposing a 20% toll on all cargo transiting the strait, alongside a renewed blockade of Iranian ports.
This proposal has reignited concerns about potential supply disruptions in a region that handles roughly a fifth of the world's oil consumption.
The threat of such a levy introduces a new layer of geopolitical risk premium into energy markets, overshadowing the recent relief provided by high flow volumes.
Brent crude and WTI benchmarks both moved higher in response to the news.