#strait-of-hormuz-oil-trade

#strait-of-hormuz-oil-trade

"With that corridor uncertain, itineraries have been cancelled and future plans are on hold."

Brent crude, the international benchmark, fell more than 9 percent to $90.38 a barrel on Friday, taking it below $91 for the first time since March 10.

The Treasury Department posted the license on its website late Friday, allowing countries to purchase Russian oil loaded on vessels from Friday through May 16.

The International Monetary Fund (IMF) has lowered its global economic growth forecast as tensions between the United States and Iran have driven up energy and food costs globally. The IMF expected the global economy to grow by 3.1 percent this year, a slowdown from its earlier forecast of 3.3 percent.

Three supertankers laden with oil have passed through the Strait of Hormuz amid the fragile truce between the United States and Iran, according to shipping data. Iran's blockade of the strait has disrupted global energy supplies and sent oil prices soaring since the start of the US and Israel's war on Iran.

President Trump stated that Iran's naval forces were 'lying at the bottom of the sea' and warned that any ships approaching the blockade would be 'immediately ELIMINATED.' He compared the blockade enforcement to US counter-narcotics operations at sea.

The reopening of Hormuz is critical to the world's oil trade because its closure has resulted in the loss of millions of barrels of supply to global markets. A resumption would alleviate pressure on increasingly tight physical markets everywhere.

The deal talks are expected to resume later on Sunday, with the seemingly never-ending meeting suggesting that both sides remained engaged and still had topics to discuss.