Saudi Arabian tanker giant Bahri has suspended transits through the Strait of Hormuz, the Wall Street Journal said on Tuesday. According to the report, other major tankers including Petrobras have suspended sailing through the Strait as well.
Oil largely ignored this headline as it was largely expected following Iran's retaliation attack on the US military bases located in Iraq. As of writing, the barrel of West Texas Intermediate was trading at $63.75, adding 0.15% on a daily basis. Markets are now waiting for US President Trump to make a statement.
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