Oil News: Crude Oil Futures Fall as Trump Pulls Back on Iran Strikes
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Key Points:
- Trump canceled Iran strikes, but Hormuz disruptions keep crude oil supply risks elevated.
- Only 5-10 ships transit Hormuz daily versus 130-140 normally, tightening oil logistics.
- Ten percent of global VLCCs remain stranded, raising concerns over crude oil deliveries.
President Donald Trump was hours away from striking Iran Thursday evening when he reversed course, saying discussions had reached Iran’s highest leadership. Hours earlier he said the United States would hit Iran “very hard.”