Marti Hääl discusses the potential impact on the fuel market if tankers can resume operations through the Strait of Hormuz, which is currently closed.
Marti Hääl, the chairman of Alexela, expressed that if tanker operations can resume due to promises from the White House regarding the reopening of the Strait of Hormuz, the fuel market may avoid a significant escalation. Since early this month, the strait has been closed, dramatically reducing the number of tankers passing through, from the usual 40 to 60 vessels per day to just about ten, predominantly flagged under China.
He highlighted the importance of the Strait of Hormuz for global oil transportation, noting that a successful reopening would alleviate current market tensions. Hääl stated that the market is currently waiting on these assurances, hoping that the promised escort for vessels and the subsequent reopening of the strait will materialize within the month. Should these developments occur as planned, he is optimistic about preventing a crises in the fuel sector.
Conversely, if the strait remains blocked, he warned that problems would escalate, potentially causing serious repercussions in the oil market. The comments come amid geopolitical tensions exacerbated by Iran's Supreme Leader Mojtaba Khamenei declaring the strait closed indefinitely, raising concerns about the stability of oil supply routes and overall market stability.
