Oil prices remain high as Iran maintains its right to charge tolls on traffic through the Strait of Hormuz, and suggested Thursday they have laid mines in the waterway.
Cease-Fire May Not Lower Fuel and Fertilizer Prices
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Oil prices remain high as Iran maintains its right to charge tolls on traffic through the Strait of Hormuz, and suggested Thursday they have laid mines in the waterway.
Transcript
Oil prices remain high as Iran maintains its right to charge tolls on traffic through the Strait of Hormuz, and suggested Thursday they have laid mines in the waterway.
Consumers will continue to pay high prices for gas and diesel, as distributors now have high-priced inventories to work though. Fuel prices may vary from state to state and town to town.
A few ships have reportedly made passage through the Straight, but shipping volumes remain 90% below the traffic from before the war. According to the United Nations, 30% of the world’s urea, potash, ammonia and phosphates move through the channel that is 21-miles wide at its narrowest point.
Chad Hart, Iowa State University: “ So some they're facing this cost crunch now. Others know the cost crunch is coming. And it's also the case here of I'll take us back to diesel again as well. There's again another case where some farmers would have preordered their diesel for a year. Others have not. So we're catching some farmers, but not all like I see in this cost squeeze right now. But all of them know that this thing is likely going to last into their planning for not only this year's crop, but next year's crop.”
Military analysts estimate the cost of the war at over $30 billion dollars.
According to the Military Times, the first six weeks of the war with Iran has resulted in the deaths of 13 American service members, and over 380 injuries.
For Market to Market, I’m Peter Tubbs.
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