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Two Indian Oil Tankers Cross Strait of Hormuz, Crude Oil Price Briefly Drops Below $100

2026.03.15 12:09:55

March 15 — Two Indian LPG carriers, the *Shivalik* and *Nanda Devi*, have successfully transited the Strait of Hormuz, carrying 92,700 tons of cargo to India. The move follows high-level diplomatic talks between India, Iran, the U.S., and the Gulf Cooperation Council (GCC), avoiding the need for U.S. military escort. Analysts note China and India account for over 52% of all oil passing through the Strait of Hormuz. If Tehran grants safe passage to its top two clients, over half the strait’s normal traffic could resume immediately. Additionally, Saudi Arabia’s East-West Pipeline can transport 7 million barrels of crude oil daily, bypassing the strait. This news may have pressured crude oil futures: Hyperliquid’s contract fell below $100 in early trading and was last at $98.1.
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