On March 15, according to multiple foreign media reports, two Indian liquefied petroleum gas carriers, "Shivalik" and "Nanda Devi," successfully transited the Strait of Hormuz, carrying 92,700 tons of cargo back to India. This move stemmed from high-level diplomatic negotiations between India and Iran, the United States, and the Gulf Cooperation Council, thus avoiding the risks associated with US military escort.
Analysis indicates that China and India account for over 52% of all oil normally transiting the Strait of Hormuz. If Tehran allows its two largest customers safe passage, more than half of the normal traffic volume across the strait could be restored overnight. This, coupled with Saudi Arabia's East-West pipeline, which can transport 7 million barrels of crude oil daily around the Strait of Hormuz, further supports this.
Possibly influenced by this news, crude oil futures prices on Hyperliquid fell below $100 in early trading, currently trading at $98.1.
