LIVE MARKETS-Hormuz tanker traffic still around pre-MoU levels

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HORMUZ TANKER TRAFFIC STILL AROUND PRE-MOU LEVELS

Things seem not to have changed much across the Strait of Hormuz in the last few days although oil prices have pulled back after US President Donald Trump decided against a step up in strikes on Iran on Friday. 

“The latest UBS Evidence Lab data show that crossings remain at pre-MoU levels with an average of just 3 oil and gas tankers crossing over the past 3 days,” UBS said in its Hormuz Tracker referring to days 147-149 of the war.

“The July average is down to 6.8 (oil and gas tankers crossing over), from the mid-to-high teens recorded in late June and early July, and well below the about 50 level seen in February,” it added.

Brent futures fell to around $70 a barrel in June after the U.S and Iran signed a memorandum of understanding.

Trump said in early July the MoU was effectively over amid renewed hostilities and competing accusations of violations. The war erupted in late February.

UBS Evidence Lab uses hourly AIS (Automated Information System) data to monitor the locations of more than 35,200 commercial maritime vessels sailing around the globe.

(Stefano Rebaudo)

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