Crude Oil Futures Surge Amid Escalating Concerns Over Hormuz Strait Situation

BlockBeats News, April 22nd, oil futures rose for the third consecutive trading day as the expected reopening of the Strait of Hormuz once again failed to materialize.

The U.S. oil information company Ritterbusch & Associates stated in a report that Trump's extension of the ceasefire agreement eliminated the imminent risk of escalation, but negotiations may be delayed, and the U.S. lockdown is likely to remain indefinitely.

Exports through alternative routes and the release of strategic oil reserves have partially alleviated the impact of the strait closure on oil prices, while "price-disruptive demand destruction is becoming an increasingly hot topic." (FX168)