The Trump administration approved the sale of sanctioned tankers last week to allow these vessels to begin transporting oil legally, thereby easing the pressure on oil prices that have continued to soar since the war began in February. However, with the war still not over, shipowners still have concerns about passing through the Strait of Hormuz, fearing that this will endanger the safety of the crew. Under these circumstances, lifting sanctions against “shadow fleet” ships is not expected to resolve the tanker crisis currently engulfing the oil market. Salih Yilmaz, a senior energy industry analyst, said that the US move may bring some relief, especially in the Arabian Gulf region where the supply of tankers has always been tight, but it has little effect on resolving the current tanker crisis.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.