Analyst: Crude Oil Futures Extend Declines, Key Lies in Timing of Strait of Hormuz Navigation Resumption

Odaily News Following Trump's remarks hinting that the Iran war might end sooner than expected, crude oil futures extended the pullback that began late yesterday. Saudi Arabia is increasing the utilization of its East-West pipeline capacity, which is helping the market, but Dennis Kissler of BOK Financial stated in a report, "The real test for oil prices will be when and if tankers and ships can safely navigate the Strait of Hormuz." He added, "Oil field production shutdowns in the Middle East for a few weeks typically don't put too much pressure on well structures, but if they last a month or longer, restoring that production could become challenging." (Jin10)