Tidbits, Crude Oil & Iran, Deliveries, Risk Planning vs Gambling, FOB 3/2/26
- Wright team
- 2 hours ago
- 4 min read
Tidbits
April WTI Crude Oil futures opened at $75.00 last evening, up $7.98. In a matter of seconds, it traded to $75.33 and, within 15 minutes, it traded down to $71.04. Brent crude traded as high as $80 in over-the-counter trading Sunday.
The big move up is primarily on fears the Strait of Hormuz on the south end of the Persian Gulf may be closed or blocked. More than 20% of global crude oil and 33% of international fertilizer trade passes the Strait of Hormuz. Some shipowners have halted business in that area as hundreds of vessels reportedly anchored on either side of the Strait. Several ships have also come under attack amid escalating hostilities. Some insurance companies have told their clients their ship and cargo insurance policies will be cancelled if their ships enter the Persian Gulf area.
It is estimated there is a two week supply of crude oil in readily accessible storage around the world, mostly stored in older ships, should the Strait of Hormuz be closed. President Trump said he expects it will take four weeks for the U.S. to accomplish its mission in Iran.
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