{"id":140321,"date":"2026-06-01T12:21:13","date_gmt":"2026-06-01T12:21:13","guid":{"rendered":"https:\/\/www.europesays.com\/iran\/140321\/"},"modified":"2026-06-01T12:21:13","modified_gmt":"2026-06-01T12:21:13","slug":"oil-prices-rally-on-hormuz-talks-but-will-asias-energy-woes-ease","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/iran\/140321\/","title":{"rendered":"Oil prices rally on Hormuz talks but will Asia\u2019s energy woes ease?"},"content":{"rendered":"<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Oil prices have eased sharply on hopes that the US and Iran will agree to reopen the Strait of Hormuz, but analysts say Asian economies are unlikely to quickly shake off the effects of the energy shock even if the key waterway returns to normal.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Benchmark Brent crude oil fell 11.15 per cent to US$92.13 per barrel on Friday, from its level a week earlier, its steepest weekly drop since early April.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Prices edged up again on Monday, trading at about US$93 per barrel during Asian afternoon trading hours amid concerns over bank rate rises, though still far below the US$119.50 per barrel reached on March 9.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">The Strait of Hormuz is a critical chokepoint for Gulf energy exports to Asia and reopening it would offer immediate market relief after months of disruption to maritime traffic.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">But analysts said the recovery would probably be slower and more uneven than the fall in oil prices suggested, with ship backlogs, depleted inventories and damaged facilities likely to weigh on Asia\u2019s energy importers.<\/p>\n<p><img decoding=\"async\" alt=\"Smoke billows from southern Lebanon following an Israeli strike, as seen from Marjayoun, Lebanon, on Monday. Photo: Reuters\" data-qa=\"BaseImage-handleRenderImage-StyledImage\" class=\"e1gf69pb2 css-6ikqhs e445x7d0\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/iran\/wp-content\/uploads\/2026\/06\/28f754af-1ef7-4d30-beef-42b039e9c077_87b57ae4.jpg\" title=\"Smoke billows from southern Lebanon following an Israeli strike, as seen from Marjayoun, Lebanon, on Monday. Photo: Reuters\"\/>Smoke billows from southern Lebanon following an Israeli strike, as seen from Marjayoun, Lebanon, on Monday. Photo: Reuters<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Over the weekend, an Iranian ballistic missile strike on a Kuwaiti airbase caused minor injuries to several Americans, while Israel stepped up its offensive against the Tehran-backed Hezbollah in Lebanon.<\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices have eased sharply on hopes that the US and Iran will agree to reopen the Strait&hellip;\n","protected":false},"author":2,"featured_media":140322,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[28],"tags":[46151,488,26473,17861,38,46152,100,102,34,37,46153,19318,93,49,101,51],"class_list":["post-140321","post","type-post","status-publish","format-standard","has-post-thumbnail","category-strait-of-hormuz","tag-anz-bank","tag-asia","tag-asian-economies","tag-capital-economics","tag-donald-trump","tag-essec-business-school","tag-hezbollah","tag-hormuz","tag-iran","tag-israel","tag-jamus-lim","tag-kuwaiti","tag-lebanon","tag-middle-east","tag-strait-of-hormuz","tag-united-states"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116674827669195285","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/140321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=140321"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/140321\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/140322"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=140321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=140321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=140321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}