The markets are reacting positively to the complete reopening of the Strait of Hormuz announced for Friday by Donald Trump.
Oil prices are sinking on Tuesday, the market reacting to new declarations from Donald Trump who promises a complete reopening of the Strait of Hormuz from Friday, the day when the agreement to end the war in the Middle East should be signed. Without collapsing, around 1:15 p.m. GMT (3:15 p.m. in Paris), the price of a barrel of Brent from the North Sea, the world benchmark for crude, for delivery in August, lost 3.28%, to 80.44 dollars, shortly after falling below the 80 dollar mark for the first time since the beginning of March. Its American equivalent, a barrel of West Texas Intermediate, for delivery in July, dropped 3.93% to 77.58 dollars.
Invited to the G7 on Tuesday in Evian, France, the American president insisted on the fact that, according to him, “the oil is flowing freely now”even mentioning the return of sanctions on Russian oil. “Ships, some loaded with oil, are starting to leave the strait”he rejoiced Monday on his Truth Social network.
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Friday should also take place the signing ceremony of the framework of agreement reached between Iran and the United States. According to a senior American official, the text has already been signed electronically by the American president, his vice-president JD Vance, as well as the president of the Iranian Parliament and main negotiator, Mohammad Bagher Ghalibaf.
Shipowners remain reserved, Iran obtains a toll
Prices continue to decline “despite the reservations expressed by certain shipowners”Who “require more than a simple agreement: the mines must be defused, and the hostilities must end before tankers carrying hundreds of millions of dollars of cargo can cross the strait”notes Kathleen Brooks, analyst at XTB.
London and Paris are proposing to deploy an international force to clear mines and secure the reopening of this strategic maritime passage. According to Iranian diplomacy, Iran should charge “Fees for navigation services”, “environmental protection” or even “ship insurance”rather than establishing a toll that the United States did not want.
And «Oil prices have soared»the market is not «pas guéri»regrets Tamas Varga, of PVM Energy. “No headline will obscure the fact that the world has lost more than a billion barrels of hydrocarbons nor that all the countries which have drawn on their reserves to calm anxiety linked to the price of oil will sooner or later have to work to replenish them”estimates the analyst with bitterness. According to him, this future “competition will establish a solid floor, probably not far from current levels”.
