The tanker market is bound to be further impacted by the escalation of the Middle East tensions. In its latest weekly report, shipbroker Xclusiv said that “news of an Israeli strike on Iranian territory, potentially escalating tensions in the Middle East, sent shockwaves through global markets. Geopolitical uncertainties loom large, capable of swiftly altering the trajectories of commodities such as oil, and reigniting concerns over inflation. Although oil prices took a rollercoaster ride on Friday, with WTI climbing to USD 86/barrel, reports suggested the attack was less extensive than initially believed, with Iran’s key nuclear facilities seemingly untouched. Additionally, Iran downplayed the attack and any possibility of immediate retaliation. This reassessment of the situation caused oil prices to erase earlier gains, with WTI closing the week at USD 82/barrel”.
Source: Xclusiv
According to the shipbroker, “rising tensions in the Middle East and stricter sanctions against Iran could impact the supply of LPG, posing risks to Iranian exports. Concurrently, ongoing cuts by OPEC+ are further limiting outflows from the region. Iran, a significant player in the LPG market, saw exports of around 1,000,000 metric tons in March, with April’s volumes currently standing…