Oil drops 6% as three supertankers attempt Strait of Hormuz crossing (opens in new tab)

Collectively, the three ships were carrying 6mn barrels of oil, potentially the largest volume to exit the Gulf in a single day since the US and Israel started the conflict with Iran at the end of February. The passage of the ships came two days after Iran launched a new agency to administer permits and charge tolls, the Gulf Strait Authority (PGSA), describing it as the “legal entity and representative authority for managing the passage and transit through the Strait of Hormuz”. To boost the...