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Indian gasoline tanker sails out of Strait of Hormuz
(Sharecast News) - Indian oil products tanker Jag Prakash has reportedly started moving away from the Gulf of Oman in the east of Strait of Hormuz. According to Bloomberg, Rajesh Sinha, special secretary in the shipping industry, told reporters on Friday that the ship is an Indian-flagged tanker carrying gasoline and is headed to Africa.
It was reported that three more Indian-flagged ships remain on the east of the strait. Another 24 ships are on the western side of Strait of Hormuz in the Persian Gulf.
Oil prices came off their highs on the news and by 1235 GMT, Brent crude was down 1.1% at $99.36, having breached the $100 a barrel mark earlier, while West Texas Intermediate was 1.9% lower at $93.87.
Neil Wilson, UK investor strategist at Saxo Markets, pointed out that crude prices dipped by around 2% immediately after the news. He said it was "too early to comment or speculate on what this means but markets are still very much trading the headlines and keen to latch on to any shred of good news".
"Expect this to be faded," Wilson added.
Late on Thursday, US Treasury secretary Scott Bessent announced a "temporary authorisation" to allow countries to buy stranded Russian oil for 30 days. He insisted that Donald Trump was "working to keep prices low" for Americans, who are already seeing hikes on the forecourt.
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