Key facts
- Oil prices stabilized near $72 per barrel, reflecting a rebound in traffic through the Strait of Hormuz.
- Saudi Arabia and the UAE have increased crude exports to pre-war levels.
- Iran issued a warning that oil tankers deviating from approved routes in the Strait of Hormuz will face a "forceful response."
- Iran cited the presence of U.S. fighter jets over the strait as a threat to regional security.
- Donald Trump stated that Iran's denuclearization efforts are progressing well.
Oil prices have stabilized near $72 per barrel, a level not seen since before the conflict in the Middle East disrupted shipping routes in late February. This stabilization is attributed to increased traffic flow through the Strait of Hormuz and a rebound in crude exports from Saudi Arabia and the UAE to approximately 90% of their pre-war levels.
However, tensions remain high as Iran's joint military command issued a stern warning. The command stated that any oil tanker failing to comply with designated routes or navigation protocols in the Strait of Hormuz will face an "immediate and forceful response" from its armed forces, potentially endangering the violating vessels. Iran also cited the presence of U.S. fighter jets over the strait as a factor contributing to insecurity.
Meanwhile, U.S. President Donald Trump told reporters that "denuclearisation of Iran is moving along well" following meetings in Qatar. His comments come amid market jitters related to reports of options for a return to conflict being briefed to him.