Crude Futures Rebound on NATO Plan for Hormuz


   
Barani Krishnan
DTN Refined Fuels Market Reporter

    

   SECAUCUS, NJ (DTN) -- Crude futures rebounded on Tuesday (5/19) on a report 
that NATO was debating deploying forces to protect commercial shipping in the 
Strait of Hormuz if the vital energy chokepoint remains blocked into July.

   By 12:07 p.m. ET, NYMEX WTI crude for June was up $0.03 at $108.80 bbl, 
after a session low earlier at $106.76.

   ICE Brent for July was down $1.11 at $110.99, after an intraday bottom at 
$109.01.

   NATO's potential mission on the Hormuz marks a shift from the alliance's 
previous stance, which limited involvement to post-conflict stabilization 
versus U.S. President Trump's demand for more international commitment to 
normalize shipping on the Hormuz, the waterway for 20 million bpd of petroleum 
flows.

   The Hormuz is currently blockaded by both Iran and the United States. Tehran 
is not allowing most international vessels on the chokepoint in retaliation 
against the U.S.-Israel war against Iran. The U.S. is meanwhile preventing any 
movement in and out of Iranian ports attempted via the strait.

   A France-U.K.-led initiative of over 40 nations is reportedly planning a 
separate defensive naval mission to secure merchant traffic, once a sustainable 
ceasefire is achieved. President Trump has maintained a temporary ceasefire 
since April, although he has regularly threatened to resume U.S. attacks 
against Iran.




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