All articles tagged with #oilprices
Oil rose to about $84 a barrel (WTI) and near $90 for Brent as hopes for a quick U.S.–Iran deal to reopen the Strait of Hormuz faded, even as Washington extended a shipping-law waiver to boost flows and U.S. crude stocks fell to multi-decade lows; traders cite conflicting statements from Washington and Tehran and warn the market remains highly headline-driven and prone to further swings.
Iranian Foreign Minister says Tehran is not in direct talks with the U.S. to reopen the Strait of Hormuz and that any agreement would come through intermediaries, with Oman playing a key role; reopening would require Washington to meet Tehran’s conditions such as lifting sanctions and end to the naval blockade, paying reparations, and releasing frozen assets. Meanwhile, Iran-backed Houthis claimed a drone strike on Saudi Aramco’s Jazan refinery as markets await any potential deal, prompting oil-price movement as transit-route discussions continue.
Oil prices climbed after Iran published a draft plan to restrict transit through the Strait of Hormuz, including prohibiting US and Israeli ships and imposing penalties. Brent surged about 4% to around $82.72 a barrel and WTI up about 3.5% to $77.83, reversing earlier declines tied to hopes of a near US‑Iran deal. The report also notes a separate explosion off Oman and Houthi‑related attacks in Yemen.
Oil prices ticked higher after Yemen's Iran-backed Houthis claimed to strike a Saudi tanker near Yanbu in the Red Sea, denting hopes for a ceasefire as talks to stabilize the Strait of Hormuz continue. Brent crude rose about 1% to $80.22 a barrel and WTI advanced roughly 0.46% to $76.12.
President Trump says negotiations with Iran will start Monday after he halted a planned major attack, with allies urging diplomacy; Iran and regional partners emphasize security in West Asia and a potential new route through the Strait of Hormuz, while oil markets ease on the pause in escalation.
Oil prices rose sharply in Asia after Iran launched ballistic missiles at U.S. forces, with Brent up 3.42% to $86.97 and WTI up 3.58% to $82.09, as Red Sea activity and ongoing Middle East tensions raise supply-disruption risks ahead of key policy decisions.
Oil prices could surge toward $150 a barrel if the Strait of Hormuz remains blocked after Iran signaled a closure amid tensions, while US forces say shipping continues; JPMorgan and Goldman Sachs warn that a sustained disruption could push Brent into the triple digits or higher, with higher gasoline costs and inflation likely in the weeks ahead.
The Strait of Hormuz has reopened after nearly four months, but global oil inventories are at multi-decade lows with about 1.15 billion barrels lost during the conflict. With strategic reserves depleted and storage facilities near capacity, analysts warn supplies could run critically low for weeks to months, potentially pushing prices higher even as the strait resumes flow.
Oil prices steadied after the Strait of Hormuz reopening and as markets weighed an interim U.S.-Iran agreement, with Brent at about $79.49 a barrel and WTI around $76.36. OPEC rejected forecasts of an imminent demand peak and signaled global demand remains robust, while traders monitor the speed of shipping normalization and insurance costs amid a cautious near-term outlook of roughly $75–$82 for Brent.
Trump declares the Strait of Hormuz open and toll-free amid a tentative Iran peace deal, but officials and shipping experts say the reopening is far from settled: mine clearance, technical negotiations, and security doubts keep vessel traffic uncertain and oil prices volatile as industry remains wary.
The EIA reported an 8.0-million-barrel decline in U.S. crude inventories for the week ending May 29, lowering stockpiles to 433.7 million and 3% below the five-year average. API had flagged a 6.75-million-barrel draw the day before. In early trading, Brent rose to about $98.24/b and WTI to $95.99/b. Gasoline stocks rose 3.4 million barrels and distillates 1.5 million, while overall demand (Total Products Supplied) averaged 20.4 million bpd over the past four weeks, up 3% year over year.
Oil prices fell about 7% on Monday as optimism grew that the United States and Iran were moving toward a peace deal that could reopen the Strait of Hormuz, easing supply risks, with Brent dipping to around $96.30 a barrel and WTI near $90.88. Analysts warned the deal isn’t guaranteed and even if reached, full normal flows would take months; volume was light due to Memorial Day. Trump touted talks on Truth Social while Iran said it’s negotiating an end to the war, not nuclear issues.
Oil prices slid roughly 5% as mixed signals about a US-Iran peace deal emerged; Brent crude traded near $97.94 a barrel after Trump said negotiations were orderly but urged patience, while Japan’s Nikkei rose on hopes the conflict could be resolved.
Brent crude trades around $98.76 a barrel (about a 4.6% drop) as talk of a possible US-Iran deal to reopen the Strait of Hormuz tempers markets, but supply disruptions remain severe: roughly 14 million barrels per day blocked and inventories depleted. Even with an agreement, confidence to restart large-scale flows could take weeks to months, keeping prices and gasoline costs elevated until production and transit normalize.
Oil prices climbed after investors questioned the likelihood of a breakthrough in US-Iran peace talks, keeping geopolitical risk premiums in crude markets.