BlockBeats News, March 15th – According to multiple foreign media reports, two Indian liquefied petroleum gas carriers, “Shivalik” and “Nanda Devi,” have successfully crossed the Strait of Hormuz, carrying 92,700 tons of cargo back to India. This action resulted from high-level diplomatic negotiations between India, Iran, the United States, and the GCC, avoiding the risk of U.S. military escort.
Analysis indicates that China and India account for over 52% of all oil transit through the Strait of Hormuz. If Tehran allows safe passage for its two major clients, over half of the normal traffic through the strait could resume overnight. In addition, with the East-West pipeline in Saudi Arabia, the pipeline can transport 7 million barrels of crude oil per day bypassing the Strait of Hormuz.
Possibly influenced by this news, the crude oil futures price on Hyperliquid fell below $100 in early trading, now at $98.1.
