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Breaking Posted 2 hours ago

Soaring Tanker Rates Block Persian Gulf Oil Flows to Asia

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China's PetroChina and major Indian refiners failed to secure supertankers for late-June Persian Gulf crude loadings after freight rates tripled. Safety concerns over Strait of Hormuz passage are compounding the supply disruption, leaving key Asian buyers unable to source Iraqi Basrah crude. Elevated oil supply risk supports USD/CAD downside and pressures JPY and CNH as Asia faces higher energy import costs. AUD/USD may soften on regional growth concerns, while USD/JPY could rise as Japan's energy import bill widens its trade deficit.
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