⛽Oil prices moved higher on Thursday morning while Asian equity markets declined, as shipping through the Strait of Hormuz remained severely constrained despite a fragile ceasefire between the U.S. and Iran.
🚢Iran has reportedly informed intermediaries that, under the two-week truce announced by President Trump, it will cap daily vessel crossings at roughly a dozen and impose transit fees. Data from S&P Global Market Intelligence showed that only four ships passed through the strait on Wednesday.
🚫Following renewed Israeli airstrikes on Beirut and southern Lebanon, oil tanker movements were suspended altogether by Wednesday evening, according to Iranian media.
🇱🇧Iran has maintained that the ceasefire should extend to hostilities in Lebanon, a position the U.S. has rejected, noting that Lebanon was not included in the agreement. (Wall Street Journal, 9th Apr)
🛢Crude markets reacted swiftly, with front-month Brent rising 3.1% to US$97.61 per barrel and WTI gaining 3.6% to US$97.85.
📉Meanwhile, Asian equities weakened: Japan’s $Nikkei 225 Index(N225.JP)$ Index futures slipped 0.6% and Hong Kong’s $Hang Seng Index - main 2604(HSImain)$ (HSI) futures declined 0.6%.
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