Two Indian Oil Tankers Cross Through the Strait of Hormuz, Hyperliquid Crude Oil Price Temporarily Dips Below $100

BlockBeats News, March 15th, according to multiple foreign media reports, India's two liquefied petroleum gas carriers "Shivalik" and "Nanda Devi" have successfully crossed the Strait of Hormuz, carrying 92,700 tons of cargo back to India. This move is the result of high-level diplomatic negotiations between India, Iran, the United States, and the Gulf Cooperation Council.

Analysis points out that China and India account for over 52% of all oil transiting through the Strait of Hormuz. If Tehran allows safe passage for its two largest customers, over half of the strait's normal traffic could resume overnight. Additionally, Saudi Arabia's East-West pipeline can transport 7 million barrels of crude oil per day bypassing the Strait of Hormuz.

Possibly affected by this news, the crude oil futures price on Hyperliquid fell below $100 in early trading and is now at $98.1.