China Iraq Middle East Oil
The number of tankers crossing the Strait of Hormuz dipped to just one on Thursday, marking the lowest point since May 7. This shift comes amidst rising tensions in the Middle East and oil prices escalating back to $100 per barrel, as outlined by analytics firm Kpler. The very large crude carrier New Giant, carrying 2 million barrels of Iraqi Basrah crude, exited the strait on Thursday. It remains on course to reach China’s Rizhao port by mid-August, with reports showing no new tankers entering the Strait of Hormuz on July 23. Conversely, the Bab el-Mandeb strait observed an increase…
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