Iranian exports of oil and condensate sank to the lowest level in at least six years in May, falling below 300K bbl/day, as the U.S. naval blockade of the Strait of Hormuz choked shipments and left tens of millions of barrels stranded at
Crude oil rises after Trump calls Iran’s peace proposal ‘totally unacceptable’ (USO:NYSEARCA)
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Crude oil futures gained Sunday after President Trump rejected Iran’s latest response to his proposal to end the Middle East as “totally unacceptable,” while the Strait of Hormuz remains mostly closed.
Iran’s proposal reportedly emphasizes Iranian sovereignty over the strait while calling