Hyperliquid crude oil futures fall below $100 after Indian LPG tankers transit Strait of Hormuz

Two Indian liquefied petroleum gas vessels carrying 927,000 metric tons of cargo passed safely through the Strait of Hormuz on March 15 following high-level diplomatic talks involving India, Iran, the United States and the GCC, BlockBeats reports citing multiple international media sources. Analysis noted that China and India together account for more than 52% of oil typically transiting the strait, and suggested that if Tehran permits both key buyers to move cargoes safely, more than half of the strait's usual traffic could resume quickly, while Saudi Arabia's EastWest pipeline can divert an additional 7 million barrels of crude per day around the chokepoint. Crude oil futures on Hyperliquid fell below $100 in early trading after the news and were recently quoted at $98.10.