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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (74434)	1/11/2020 11:16:59 AM
From: Goose94	Read Replies (1) of 202721

Crude Oil: Saudi state tanker operator Bahri has suspended ship transits through the Strait of Hormuz after Iran launched an attack on a military base in Iraq, where U.S. troops are stationed. A note from Bahri to shipping brokers and clients seen by the Wall Street Journal said the "Saudi flag has advised to refrain from transiting through the Hormuz Strait until 1600, Jan. 8, Saudi time." Shipping brokers also said Brazilian oil major Petrobras Distribuidora S/A (BRDT3.BR) has also "cut down or suspended crossings." Daily freight rates for very large crude carriers (VLCCs) jumped overnight by around $20,000 to $130,000 dollars. "Bahri has more than 30 VLCCS," a senior European shipping executive said. "If the crossing suspension is extended, freight rates will shoot up further." Some 20% of the world's oil supply passes on tankers through the Strait of Hormuz, a narrow waterway between the Persian Gulf and the Indian Ocean, and any disruption in tanker crossings could roil energy markets.

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