Oil Tankers Divert from Hormuz Strait as Iran Tensions Rise
Three oil and chemical tankers have reversed course from the Strait of Hormuz according to MarineTraffic shipping data, triggering risk-off sentiment in forex markets. The diversions come amid renewed Iranian threats to disrupt operations at the critical oil chokepoint, though historical precedent shows Iran has been unsuccessful in previous attempts to block the strait. Oil prices have spiked 2.1% on the news, supporting commodity currencies like CAD and NOK while pressuring oil importers' currencies. Safe-haven flows have benefited USD and JPY, with USD/JPY gaining 0.15% to 157.85. The geopolitical uncertainty is overshadowing scheduled economic releases this week. Traders are monitoring whether this remains a temporary disruption or escalates into broader regional tensions. Key resistance for oil sits at $82.50/barrel, with support at $79.20.
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