Analysts: Crude oil futures continue to decline; key factor is the timing of the Strait of Hormuz's reopening.

Crude oil futures extended their decline that began late yesterday after Trump suggested the war with Iran could end sooner than expected. Saudi Arabia is increasing the use of its East-West pipeline capacity, which has helped the market, but Dennis Kissler of BOK Financial stated in a report, "The real test for oil prices will be when and whether tankers and ships can safely pass through the Strait of Hormuz." He added, "A few weeks of production shutdowns in Middle Eastern oil fields typically don't put too much stress on well structures, but if it lasts a month or longer, restoring that production could be challenging." (Jinshi)