Oil prices drop nearly 5% to below $90! U.S. Energy Secretary says ship traffic through the Strait of Hormuz has increased.

Oil prices drop nearly 5% to below $90! U.S. Energy Secretary says ship traffic through the Strait of Hormuz has increased.

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On Tuesday, U.S. Energy Secretary Chris Wright stated at the Atlantic Council Global Energy Forum that vessel traffic through the Strait of Hormuz is "increasing very significantly."

International oil prices responded by falling. As of press time, benchmark Brent crude oil futures were down 4.8% to $89.73 per barrel.

Previously, as Trump claimed that a U.S.-Iran agreement could be reached "within two or three days," international oil prices had already started to fall; Wright's remarks pushed oil prices down further.

Trump: U.S.-Iran agreement could be reached "within two or three days", Hormuz to "reopen immediately"

According to a previous article by Wallstreetcn, despite violent clashes between Israel and Iran this week, U.S. President Trump is still attempting to convince the market that an agreement with Tehran to reopen the Strait of Hormuz could be reached "within two or three days."

According to Xinhua News Agency, Trump stated during an interview with reporters at New York's Kennedy International Airport on the 9th that Israel and Iran had previously "exchanged blows," but have now "agreed to a ceasefire," and "we are at the final stage, about to reach a very, very good agreement." When asked how long the negotiations would take, Trump answered, "two to three days."

Trump has repeatedly stated that an agreement with Tehran to reopen the Strait of Hormuz is imminent, but so far, the agreement has not materialized. After Iran launched missiles in retaliation for Israel's attack on Lebanon, the fragile ceasefire established in April nearly collapsed this week. Subsequently, Israel retaliated against Iran.

Trump then pressured Israeli Prime Minister Netanyahu, urging restraint and avoidance of further attacks.

According to Xinhua News Agency, Trump had warned the Israeli Prime Minister against further attacks on Iran, or risk isolation. On the 8th, U.S. President Trump told U.S. media that he had warned Israeli Prime Minister Netanyahu that if another war broke out with Iran, Israel might find itself isolated. In a televised address on the 8th, Netanyahu stated that the current attacks on Iran have been "suspended."

The violent clashes briefly pushed up oil prices on Monday, but the latest round of fighting now seems to be over, with no further escalation. Both Iran and Israel have declared they have ceased fire.

JPMorgan: Actual transit volume may be higher than disclosed data

Analysts from JPMorgan have indicated that the volume of oil passing through the Strait of Hormuz may be greater than publicly available figures suggest. The bank estimates that as many as 2 million barrels of oil per day may be shipped via tankers with their transponders turned off.

In a report dated June 4, JPMorgan analysts stated: "Despite the continued maritime blockade and a sharp decline in commercial traffic, there still appears to be a surprising amount of crude oil and oil products passing through the strait."

Oil industry executives and analysts have commented that, as global inventories provide a buffer, crude oil prices remain relatively moderate compared to the scale of supply disruptions. However, they caution that as these inventories are rapidly depleted and demand peaks during the summer, oil prices could surge significantly later this year.

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