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Oil prices ease after spiking over halt to Strait of Hormuz evacuation plan

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Published26 JUN 26 - 09:29 Reading time  minutes

“There is a pressing need for tankers to enter and offload the high crude stocks from onshore tanks in order for normal production to resume again. Thus, security of the passageway is paramount to recover the lost supply.” — June Goh, Senior Oil Analyst at Sparta Commodities

  • Expert: June Goh (Senior Oil Analyst, Sparta)
  • Publication: Al Jazeera
  • Market Focus: Crude Oil, Supply Flows, Geopolitical Risk
  • Geographies: Middle East, Strait of Hormuz, Asia

In a recent analysis for Al Jazeera, Sparta’s Senior Oil Analyst, June Goh, flagged the fragility of the ceasefire in the Strait of Hormuz following Thursday’s attack on a cargo vessel. High crude stocks trapped onshore in the region require vessel security and safe passage to offload, which is critical for production to resume. The IMO suspended its evacuation plan after the attack, disrupting what had been an uptick in transit activity—70 vessels crossed on Wednesday, the highest since March 1. Traders should monitor whether the ceasefire holds and track vessel transit rates closely as a leading indicator of supply normalization.

[Read June Goh’s full market commentary in Al Jazeera]

Author

June Goh

Senior Oil Analyst

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