Institution: Oil reserves in the Middle East Gulf remain almost unchanged after the ceasefire

Kpler's Global Head of Crude Oil and Geopolitical Market Data, Emmanuel Belostrino, said: "The market wants to price in the [Strait of Hormuz] reopening expectation, but has failed to hold on." He said: "The reason is apparent in the data—there is no movement in maritime transport." Fleet indicators show that as of Thursday, with strict restrictions still in place on passage through the Strait of Hormuz, around 80 fully loaded oil tankers are carrying over 130 million barrels of crude oil.