Two Indian Tankers Pass Through Hormuz…Crude Futures on Hyperliquid Slip Below $100

Two Indian tankers are reported to have passed through the Strait of Hormuz. On the news, crude futures on decentralized exchanges (DEXs) briefly fell below $100 a barrel.

According to foreign media including BlockBeats on the 15th (local time), the Indian-flagged liquefied petroleum gas (LPG) carriers 'Shivalik' and 'Nanda Devi' recently safely transited the Strait of Hormuz en route to India, carrying cargoes totaling 92,700 tons. BlockBeats reported that “the vessels’ transit (through the Strait of Hormuz) is the result of high-level diplomatic negotiations India held with Iran, the Gulf Cooperation Council (GCC), and others.”

Some also see the episode as a possible opening signal for a normalization of traffic through the Strait of Hormuz. At present, Chinese and Indian tankers account for more than 50% of global crude volumes moving through the strait. In other words, if Iran allows passage through the Strait of Hormuz only for China and India, more than half of the total volumes transiting the strait could be restored in a short period.

As the news spread, oil prices also came under pressure early in the session. According to BlockBeats, crude futures on Hyperliquid (HYPE) recently fell below $100 a barrel and are trading around $98.