Overview

• President Trump said he will decide on whether to launch strikes against Iran within two weeks, opening space for negotiations
• Oil futures dipped about 2% to near $77 per barrel after the president's remarks but remain elevated on fears of supply disruptions
• Tanker rates have more than doubled and insurance premiums surged as many shippers reroute vessels to avoid the Strait of Hormuz
• Iran is maintaining its exports by loading tankers one at a time at Kharg Island and repositioning floating storage closer to Asia India says it holds sufficient reserves and diversified import sources and is prepared to cut refined-product exports if Hormuz shipping is blocked