China's oil imports fell to the lowest level in almost four years in April as the closure of the Strait of Hormuz choked off supplies to the world's largest oil importer.
As refiners chase profits, a better way to gauge the oil shock's impact in America right now is through the price of gas and other oil products.
U.S. futures diverged from falling stocks in Asia and Europe, with all of its major indexes in the green as investors looked past the rise in escalations.
Brent crude and WTI prices were rising early Friday as the U.S. and Iran exchanged strikes but the market is still hopeful of a peace deal.
Traders are embracing the “NACHO” trade as doubts grew over a quick Hormuz reopening. Oil and shipping markets signaled fears of a prolonged disruption.
Oil prices rose Friday after the U.S. and Iran exchanged fire in the Strait of Hormuz. President Donald Trump, in a call with an ABC News reporter later Thursday, insisted that the ceasefire remains in effect, saying the strikes were "just a love tap.
Oil rose in early Asian trade amid signs of rising tensions in the Strait of Hormuz, a key waterway through which one-fifth of the world's oil is typically transported.
Crude oil drops again on hopes of Middle Eastern peace, as traders continue to try to price in the idea of an end to the war.
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The tankers shut off their location trackers to avoid Iranian attacks.