SerpApi.Org
1505 ET – Oil futures rise for a third straight session as the U.S. and Iran continue strikes, while President Trump says the U.S. isn’t interested in a meeting until Iran is ready to meet in what he called “a meaningful way.” His comments dampen expectations for a quick return to the negotiating table. “The market remains supported by elevated geopolitical risk, but any meaningful diplomatic breakthrough could quickly remove part of the current risk premium,” analysts at Kotak Neo say in a note.WTI for August delivery goes off the board at $84.91 a barrel, up 2%, while the September contract rises 2.3% to $84.34. Brent settles up 2% at $91.01 a barrel. ([email protected])
Oil Gains 2.5% on U.S.-Iran Attacks, Shipping Risks
1446 GMT – Oil prices gain more than 2.5% as fresh attacks between the U.S. and Iran and threats of a naval blockade by Yemen’s Houthis lift Brent crude above $91 a barrel. Efforts by mediators to broker a new ceasefire between Washington and Tehran have provided some relief to markets, but the wide gap between the two sides leaves investors skeptical about the prospects for a lasting agreement. Maritime traffic through the Strait of Hormuz has virtually halted, while any disruption to the Bab al-Mandab Strait by the Houthis would deal a significant blow to energy markets at a time when global oil inventories are tighter, analysts say. In early U.S. trading, Brent rises 2.6% to $91.55 a barrel, while WTI is up 2.6% to $84.66 a barrel. ([email protected])
Oil Eases as Mediators Push for New U.S.-Iran Ceasefire
0804 GMT – Oil prices ease in early trading, leaving Brent back below $90 a barrel as mediators work to push the U.S. and Iran into a new ceasefire. The global oil benchmark is down 1% to $88.32 a barrel, while WTI futures slip 0.7% to $81.91 a barrel. “This won’t be an easy task,” analysts at ING say. “Large divisions remain between the U.S. and Iran.” Meanwhile, Yemen’s Iran-backed Houthi militia announced a blockade of Saudi shipping amid a standoff with the kingdom—a development that would severely disrupt supplies, preventing oil flows to Asia from moving south via the Bab el-Mandeb Strait. Still, looking at oil price action this morning, analysts say the market might not be convinced that the blockade will be successful. ([email protected])
Oil Edges Lower Amid Hopes of New U.S.-Iran Ceasefire
2340 GMT — Oil edges lower in early Asian trade amid hopes of a new U.S.-Iran ceasefire that could ease worries over supply disruptions in Middle East. Mediators were working Monday to push the U.S. and Iran into a new ceasefire. “Signs of progress toward a return to diplomatic talks offset renewed tensions in the Middle East over the weekend,” Kudo.com’s Konstantinos Chrysikos says in an email. However, “situation in the Strait of Hormuz remained precarious, as navigation continues to be severely restricted, keeping the physical market tight,” the head of Customer Relationship Management adds. Front-month WTI crude oil futures are 0.1% lower at $83.17 per barrel. ([email protected])