The persistence of the Strait of Hormuz closure quickly erased initial gains, pushing crude oil values back up due to a lack of actual supplies. The blockade and military tensions: Iran reported total maritime traffic disruption following recent Israeli military aggressions against Lebanon. Tehran called these attacks a direct violation of the ceasefire agreement negotiated with Washington. Consequently, passage through Hormuz was reduced to minimal levels. Despite diplomatic attempts to establish a truce, the flow of vessels through the area remains practically paralyzed, halting the expected relief in energy costs and causing a new increase in gasoline prices in the United States. According to AAA data and reports from Metro World News this Thursday, the average price of regular gasoline in the U.S. rose to $4.17 per gallon. This surge occurs in a contradictory scenario: the initial announcement of a two-week ceasefire caused a sharp drop in international oil prices on Wednesday. U.S. benchmark crude (WTI) plummeted by 16.4%, while Brent fell by 13.3%. It is estimated that at least 230 oil tankers are stranded, ready to sail but hindered by the military situation. Since the start of the conflict, fuel prices in the U.S. have accumulated an increase of $1.18 per gallon, representing a 40% rise. The global energy market faces a new crisis due to the operational blockade in the Strait of Hormuz, a vital maritime route for crude oil supply. Industry analysts warn that while retail prices might see minimal declines of one or two cents daily, the national average will take weeks to fall below $4. A return to pre-war levels, around $3, is seen as a process of several months, provided stability returns to the Persian Gulf. Although tracking services like MarineTraffic and Lloyd’s List detected the transit of a handful of vessels, the number is insufficient to stabilize the market. Sultan Al Jaber, the UAE's Minister of Industry, demanded the full and unconditional opening of the route, warning that global energy security depends on this passage.
