Iran allows Japanese supertanker through Strait of Hormuz, easing supply fears

Iran let a Japanese supertanker carrying 2 million barrels of oil pass through the Strait of Hormuz, signaling selective de-escalation. The market for crude oil reaching an all-time high by April 30 sits at 0.5% YES, down from 2% yesterday. The drop from 2% to 0.5% YES followed Iran’s decision to allow the Japanese tanker through, which eased immediate supply disruption fears. The market trades with $2,513 in daily USDC volume, and the order book has $695 in depth capable of moving the price 5 points. June crude oil predictions are also likely to soften. The selective passage through Hormuz reduces the probability of sustained supply disruptions, making a $90 crude price by end of June less plausible. The Kharg Island oil terminal attack market is unaffected.

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