West African Crude Trade Slows During Hormuz Closure
West African oil trade has slowed as sellers reserve April cargoes for their own refineries amid the Hormuz closure. High freight costs also limit new deals.
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The trade of West African crude oil for April-loading cargoes has slowed significantly as sellers choose to hold onto barrels for their own refining needs. This shift comes despite a global supply crunch intensified by the conflict involving the United States and Israel against Iran, which has effectively closed the Strait of Hormuz to tanker traffic.
