Keep pulling the thread on United States.
President Donald Trump announced that the Strait of Hormuz is expected to fully reopen by Friday following the finalization of a peace deal between the U.S. and Iran in Switzerland.
Following news of a potential U.S.-Iran peace deal, West Texas Intermediate (WTI) crude oil prices dropped 4.9% to $80.75 per barrel during New York trading.
Global crude stockpiles have reached a new 5-year seasonal low.
The U.S. Strategic Petroleum Reserve (SPR) has fallen to its lowest level in decades and is currently below 400 million barrels.
If planned releases continue, the U.S. Strategic Petroleum Reserve (SPR) is projected to fall to approximately 250 million barrels, approaching its minimum operational level of 150-200 million barrels.
Ukrainian attacks on Russian oil refining capacity have forced Russia to export more crude oil instead of refined products.
The United States became the largest supplier of liquefied natural gas (LNG) to India last month.
China has a national policy to become more self-sufficient in semiconductors, AI models, and inference technology.
The reopening of the Strait of Hormuz is contingent on the clearing of mines and implementation of safety measures, which President Trump stated would be completed by Friday.
Iran's news agency reported there will be a 60-day ceasefire period during which ships can pass through the Strait of Hormuz without paying a toll.
The Trump administration has historically opposed Iran charging tolls for passage through the Strait of Hormuz, advocating for free navigation.
European allies have expressed less optimism than President Trump about the swift return to normal vessel traffic in the Strait of Hormuz.