Hormuz Changes Oil and Currency Trends

Oil expert Ziad Al-Hashimi's report indicates that closing the Strait of Hormuz has a significant impact on oil prices. The Basra crude experienced a decrease of $43.06 per barrel compared to Murbah, amid sharp price disparities between the crudes stranded behind the strait and those close to consuming markets. Conversely, the Australian “Perme” crude oil price rose to $138.04 per barrel, recording a premium of over $33 above Brent crude’s closing price of $104.61. He explained that the new equation in the oil market now depends on the shipping route and its safety, due to the risks associated with tanker movements through the strait. This has led to price variations and sharp fluctuations in the balance of the oil market.

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