Oil prices eased after White House comments suggesting an imminent deal to end the US-Israel war on Iran, but experts warned prices would likely remain high even after a deal. Two Chinese-flagged supertankers left the Strait of Hormuz after waiting in the Gulf for more than two months, carrying about 4 million barrels of crude. Shipping data showed Yuan Gui Yang loaded 2 million barrels of Iraqi Basrah crude on February 27, and Ocean Lily loaded 1 million barrels each of Qatari al-Shaheen and Iraqi Basrah crude between late February and early March. South Korea reported a Korean crude vessel also passing through the strait. Despite brief price relief, threats of renewed US military action and ongoing negotiations kept market risk elevated.
"Oil prices eased amid the latest comments from the White House, but experts warn they will remain high even after a deal. Two Chinese oil tankers have left the Strait of Hormuz after waiting in the Gulf for more than two months, as the United States president and vice president claim a deal to end the US-Israel war on Iran is imminent. Shipping data from LSEG and Kpler showed that the two supertankers Chinese-flagged Yuan Gui Yang and Hong Kong-flagged Ocean Lily navigated out of the waterway, carrying about 4 million barrels of crude."
"Their exit from the strait came as Trump told US lawmakers the war on Iran will end very quickly and hopefully in a very nice manner. US Vice President JD Vance said at a White House news briefing that Tehran-Washington negotiations are in a pretty good spot here. There's a lot of back-and-forth, a lot of good progress is being made, but we're just going to keep on working at it, Vance said. Trump had earlier threatened military action against Iran again, giving the country two to three days to make a deal and claiming he had been an hour away from ordering an attack before postponing it."
"Yuan Gui Yang loaded 2 million barrels of Iraqi Basrah crude on February 27, a day before the US-Israel war on Iran started, while Ocean Lily loaded 1 million barrels each of Qatari al-Shaheen and Iraqi Basrah crude between late February and early March, data showed. South Korean Foreign Minister Cho Hyun, meanwhile, told a parliamentary hearing in Seoul that a Korean crude vessel was also passing through the Strait on Wednesday."
"Oil prices briefly relaxed amid the positive comments from the White House, but experts warn prices are likely to remain elevated even if Washington and Tehran reach a deal. Brent crude, the international benchmark, fell to as low as $110.16 a ba"
Read at www.aljazeera.com
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