Svmuu News: As the conflict between the U.S. and Iran entered its tenth day, Brent crude briefly reached $91.63 per barrel on Tuesday before falling back to $91.26 per barrel at 5:00 p.m. Eastern Time.The U.S. benchmark, West Texas Intermediate (WTI) crude, rose 2.3% to $84.38 per barrel.
Shipping through the Strait of Hormuz remains disrupted; the number of vessels passing through fell to 127 for the week ending July 19, a decrease of nearly 50% from the 248 vessels recorded for the week ending July 12.Indian state-owned refiners Indian Oil and Mangalore Refinery and Petrochemicals have suspended crude oil loading from Iraq.
Maritime intelligence data shows that the U.S. Navy-escorted corridor has been virtually abandoned, with shipping operators primarily rerouting through the northern Iranian channel. The Goldman Sachs Group estimates that crude oil shipments from the Persian Gulf have fallen to less than 45% of pre-war levels.