Weekly Energy Update

The Strait, Again

• MoU signed 17 June (the Islamabad Declaration); last week's "wait for a signature" call now settled.

• Question shifts from whether it's signed to whether it holds; the early signs are not good.

• Iran declared Hormuz closed again Saturday 20 June, citing Israeli strikes on Hezbollah. Iran needn't enforce its closure, since the declaration alone most likely freezes marine insurance and uninsured tankers don't sail. 

Raw products (prices pre-date 20 June closure)

Refined products

Australian Terminal Gate

• Excise relief extended from 1 July to 2 August, but trimmed from 32c/l to 16c/l (at the pump).