$CLK6

Brent Crude Up 1.1% at US$99.60

Update: WTI Oil Rises Amid an Uncertain Outlook for U.S.-Iran Talks

West Texas Intermediate (WTI) closed higher on Tuesday amid an uncertain outlook for talks between Iran and the United States.WTI crude oil for May delivery closed up US$2.52 to settle at US$92.13 per barrel, while June Brent oil was last seen US$3.11 to US$98.59.The drop comes amid expectations that talks between the two countries will reach a deal to end hostilities as a two-week ceasefire agreement is set to expire tomorrow. However Iran has not publicly confirmed it will send negotiators to Pakistan to meet with the United States, though the Wall Street Journal reported Iran has told mediators it will send a team to the talks.Prices surged on Monday as Iran on Friday briefly opened and then again closed the Strait of Hormuz as the United States continued to block Iranian ports and disabled and boarded an Iranian cargo ship. The closure of the Strait is blocking oil exports from the Persian Gulf nations that supplied 20% of daily oil demand."Potential talks with the US in Islamabad ahead of the ceasefire's expiry on Wednesday follows a weekend marked by renewed tensions and conflicting signals, leaving the Strait of Hormuz effectively closed for now. The limited number of vessels managing to transit has done little to ease the ongoing tightening of the global energy market, which is increasingly short of prompt supplies - supporting elevated prices across diesel, jet fuel, fertilisers, and other key commodities," Saxo Bank noted.The closure of the Strait has forced up spot prices for oil as Asian nations fight for immediately available supply while raising concerns high oil prices, as well as the price of refined products, LNG and other commodities supplied by Persian Gulf countries, will hike inflation and force higher interest rates.

May WTI Crude Oil Contract Closes Up US$2.52; Settles at US$92.13 per Barrel

Oil Edges Down on Hopes U.S.-Iran Talks Will Lead to a Deal to End the War

Oil prices edged lower early on Tuesday amid an uncertain outlook for talks between Iran and the United States.West Texas Intermediate crude oil for May delivery was last seen down US$0.29 to US$89.32 per barrel, while June Brent oil was down US$0.13 to US$95.35.The drop comes amid expectations that talks between the two countries will reach a deal to end hostilities as a two-week ceasefire agreement is set to expire tomorrow. However Iran has not publicly confirmed it will send negotiators to Pakistan to meet with the United States, though the Wall Street Journal reports Iran has told mediators it will send a team to the talks.Prices surged on Monday as Iran on Friday briefly opened and then again closed the Strait of Hormuz as the United States continued to block Iranian ports and disabled and boarded an Iranian cargo ship. The closure of the Strait is blocking oil exports from the Persian Gulf nations that supplied 20% of daily oil demand."Potential talks with the US in Islamabad ahead of the ceasefire's expiry on Wednesday follows a weekend marked by renewed tensions and conflicting signals, leaving the Strait of Hormuz effectively closed for now. The limited number of vessels managing to transit has done little to ease the ongoing tightening of the global energy market, which is increasingly short of prompt supplies - supporting elevated prices across diesel, jet fuel, fertilisers, and other key commodities," Saxo Bank noted.The closure of the Strait has forced up spot prices for oil as Asian nations fight for immediately available supply while raising concerns high oil prices, as well as the price of refined products, LNG and other commodities supplied by Persian Gulf countries, will hike inflation and force higher interest rates."Financial markets are betting that a US/Iranian resolution will save us in time from violent shortages down the road. But every day that the (Strait) remains closed is bringing us closer to a potentially very painful point of shortages and much higher prices," Bjarne Schieldrop, chief analyst commodities at SEB Research, wrote.

Update: WTI Oil Surges as Iran Again Blocks the Strait of Hormuz

West Texas Intermediate (WTI) crude oil surged 6.9% on Monday after Iran again closed the Strait of Hormuz after the United States refused to end a blockade of country's ports while firing on and seizing an Iranian cargo ship.WTI crude oil for May delivery closed up US$5.76 to settled at US$89.61 per barrel, while June Brent oil was last seen up US$4.74 to US$95.12.Prices plunged on Friday after Iran briefly reopened the Strait of Hormuz, the chokepoint for 20% of daily global oil demand supplied by Persian Gulf nations. However it later again refused to permit transit through the waterway as the United States declined to end its blockade of Iran's ports.The United States is sending negotiators to Pakistan for peace talks. Iran has not yet publicly said it will attend, however the Wall Street Journal said Pakistan has bee told it will send officials to the negotiations. A ceasefire between the two countries ends tomorrow, with U.S. President Trump again threatening to attack Iranian civilian infrastructure unless a deal is reached."Traders entered the weekend on the assumption that Iran had reopened the Strait of Hormuz, only for it to be effectively closed again within hours after the IRGC claimed a US blockade of Iran-linked vessels violated the ceasefire agreement set to expire on Tuesday. Prices extended gains after the US Navy fired upon and seized an Iranian vessel, further undermining confidence in any near-term diplomatic progress," Saxo Bank wrote.The closure of the Strait has produced the largest-ever energy supply shock, pushing up physical oil prices along with gasoline and diesel costs and causing widespread shortages of aviation fuel."We have a divergence where the financial market is trading negotiations, improvements and resolution while at the same time the physical market is deteriorating day by day. Physical oil flows remain constrained by disrupted flows, longer voyage times and elevated freight and insurance costs," Bjarne Schieldrop, chief analyst Commodities, at SEB Research wrote.

May WTI Crude Oil Contract Closes Up US$5.78; Settles at US$89.61 per Barrel

Oil Prices Surge as Iran Again Blocks the Strait of Hormuz; Peace Talks in Doubt as the U.S. Port Blockade Continues

Oil prices surged early on Monday after Iran again closed the Strait of Hormuz after the United States refused to end a blockade of country's ports while firing on and seizing an Iranian cargo ship, lowering expectations the two countries will resume peace talks.West Texas Intermediate crude oil for May delivery was last seen up US$4.63 to US$88.48 per barrel, while June Brent oil was up US$4.34 to US$94.72.Prices plunged on Friday after Iran briefly reopened the Strait of Hormuz, the chokepoint for 20% of daily global oil demand supplied by Persian Gulf nations. However it later again refused to permit transit through the waterway as the United States declined to end its blockade of Iran's ports.The United States is sending negotiators to Pakistan for peace talks but The Guardian reported Iran has no plans to attend after the U.S. disabled and seized a Iranian cargo ship in the Gulf on the weekend. A ceasefire between the two countries ends tomorrow, with U.S. President Trump again threatening to attack Iranian civilian infrastructure unless a deal is reached."Traders entered the weekend on the assumption that Iran had reopened the Strait of Hormuz, only for it to be effectively closed again within hours after the IRGC claimed a US blockade of Iran-linked vessels violated the ceasefire agreement set to expire on Tuesday. Prices extended gains after the US Navy fired upon and seized an Iranian vessel, further undermining confidence in any near-term diplomatic progress," Saxo Bank wrote.The closure of the Strait has produced the largest-ever energy supply shock, pushing up physical oil prices along with gasoline and diesel costs and causing widespread shortages of aviation fuel."We have a divergence where the financial market is trading negotiations, improvements and resolution while at the same time the physical market is deteriorating day by day. Physical oil flows remain constrained by disrupted flows, longer voyage times and elevated freight and insurance costs," Bjarne Schieldrop, chief analyst Commodities, at SEB Research wrote.

Brent Crude Up 5% at Above US$94.90 and NY Crude Up 6.2% at Above US$89 After Iran Closes Strait of Hormuz Again

Update: WTI Oil Plunges 11% as Iran Reopens the Strait of Hormuz to Commercial Shipping

(Updates prices and adds detail.)West Texas Intermediate (WTI) crude closed sharply lower on Friday after Iran reopened the Strait of Hormuz to commercial traffic, freeing up tankers trapped in the Persian Gulf and ending a supply shock that sent prices to four-year highs.WTI crude oil for May delivery closed down US$10.84, or 11.5%, to settle at US$83.85 per barrel, while June Brent oil last seen was down US$9.45 to US$89.94.Abbas Araghchi, Iran's foreign minister, said in a social-media post that "passage for all commercial vessels through strait of Hormuz is declared completely open for the remaining period of ceasefire".Ceasefires are holding on both fronts in the Middle East, as Israel and Lebanon on Thursday agreed to a ceasefire in Israel's war on Hezbollah militants in the country. There are also hopes for further talks between the U.S. and Iran to end their conflict that had closed the Strait of Hormuz, a chokepoint for 20% of daily global oil and LNG demand supplied by Persian Gulf nations.Though the situation remains unclear and the full return of production from Persian Gulf states is likely to be slow as shut-in oil fields resume production and repairs to energy infrastructure attacked by Iran. Still, there are reports tankers have begun moving toward the Strait."Rystad Energy is still tracking approximately 12.4 million barrels per day (bpd) of curtailed oil production across Saudi Arabia, Iraq, Iran, the UAE, Kuwait, Qatar, and Bahrain. Even so, today's announcement has materially shifted the probability distribution of outcomes. The market is not waiting for a formal deal - it is pricing in the possibility of one," said Artem Abramov, Rystad's Deputy Head of Analysis.An Israeli stand down on attacks in Lebanon was a key part of Iran's demands in talks with the U.S. and may ease the path for further talks between the two countries. U.S. President Trump on Thursday said he expects talks moderated by Pakistan to soon resume.The Wall Street Journal on Friday reported comments from Iranian Deputy Foreign Minister Saeed Khatibzadeh that Iran is expecting talks to result in a permanent settlement to the war rather than another temporary ceasefire, citing Turkey's state news agency, while saying Iran is looking to regulate transits through the vital Strait

May WTI Crude Oil Contract Closes Down US$10.85;Settles at US$83.85 per Barrel

Update: Oil Prices Plunge as Iran Reopens the Strait of Hormuz to Commercial Shipping

(Updates prices and adds detail.)Oil prices plunged early Friday after Iran reopened the Strait of Hormuz to commercial traffic, freeing tankers trapped in the Persian Gulf and ending a supply shock that sent prices to four-year highs.West Texas Intermediate crude oil for May delivery was last seen down $10.89, or 11.5%, to US$83.80 per barrel, while June Brent oil was down $11.00 to US$88.39.The Guardian reported Abbas Araghchi, Iran's foreign minister, said in a social-media post that "passage for all commercial vessels through strait of Hormuz is declared completely open for the remaining period of ceasefire".Ceasefires are holding on both fronts in the Middle East, as Israel and Lebanon on Thursday agreed to a ceasefire in Israel's war on Hezbollah militants in the country. There are also hopes for further talks between the U.S. and Iran to end their conflict that had closed the Strait of Hormuz, a chokepoint for 20% of daily global oil and LNG demand supplied by Persian Gulf nations.An Israeli stand down on attacks in Lebanon was a key part of Iran's demands in talks with the U.S. and may ease the path for further talks between the two countries. U.S. President Trump on Thursday said he expects talks moderated by Pakistan to soon resume.The Wall Street Journal on Friday reported comments from Iranian Deputy Foreign Minister Saeed Khatibzadeh that Iran is expecting talks to result in a permanent settlement to the war rather than another temporary ceasefire, citing Turkey's state news agency, while saying Iran is looking to regulate transits through the vital Strait.

Iran Reopens the Strait of Hormuz to Commercial Traffic According to Reports; Oil Prices Down 6%

Oil Prices Drop as Middle East Tensions Ease

Oil prices fell early Friday on calming tensions in the Middle East as a 10-day ceasefire between Israel and Lebanon held for its first day, while there are hopes for further talks between the United States and Iran.West Texas Intermediate crude oil for May delivery was last seen down $3.89 to US$90.80 per barrel, while June Brent oil was down $3.45 to US$95.94.Ceasefires are holding on at least two fronts in the Middle East, as Israel and Lebanon on Thursday agreed to a ceasefire in relation to Israel's war on Hezbollah militants in the country. There are also hopes for further talks between the U.S. and Iran to end their conflict that has closed the Strait of Hormuz, a chokepoint for 20% of daily global oil and LNG demand supplied by Persian Gulf nations.An Israeli stand down on attacks in Lebanon was a key part of Iran's demands in talks with the U.S. and may ease the path for further talks between the two countries. U.S. President Trump on Thursday said he expects talks moderated by Pakistan to soon resume.The Wall Street Journal on Friday reported comments from Iranian Deputy Foreign Minister Saeed Khatibzadeh that Iran is expecting talks to result in a permanent settlement to the war rather than another temporary ceasefire, citing Turkey's state news agency, while saying Iran is looking to regulate transits through the vital Strait.While a truce between the U.S. and Iran could allow shipping through the Strait to resume, Gulf supply is likely to ramp up slowly as producers in the region restart production from shut-in oilfields, while Iran's attacks on its neighbors' oil and gas infrastructure could take years to repair."Oil has eased...as hopes for renewed U.S.-Iran talks and the Israel-Lebanon ceasefire have reduced some of the immediate panic premium. That said, the broader supply story has not gone away, with disruptions to Middle East production still feeding into the physical market, suggesting prices may remain elevated even if diplomacy progresses," Saxo Bank wrote.

Brent Crude Down 3.3% at US$96.10 and NY Crude Down 4.1% at US$90.75

Update: WTI Oil Moves Higher, But Remains Under US$100 on Hopes For Talks Between the U.S. and Iran

West Texas Intermediate (WTI) crude oil rose on Thursday, but remained below the US$100 mark on hopes the United States and Iran will extend their ceasefire and resume talks to end war in the Middle East.WTI crude oil for May delivery closed up US$3.40 to settle at US$94.69 per barrel, while June Brent oil was last seen up US$4.29 to US$99.22.The U.S. Navy is blockading Iranian ports while Iran continues to block the Strait of Hormuz. However, according to the Wall Street Journal, U.S. President Trump on Thursday said talks with Iran could take place this weekend and he is open to extending a ceasefire."We're very close to making a deal," the paper quoted Trump saying.The Strait of Hormuz is the choke point for 20% of global daily oil demand supplied by Persian Gulf nations. The supply shock has hit hardest in Asian nations, where some countries have introduced rationing while bidding up prices for immediately available supplies that are fetching near US$150 per barrel."Oil has steadied ... on signs the US and Iran may extend a ceasefire and restart talks aimed at ending a war that has choked global supplies of key commodities from the Persian Gulf. This has triggered a major supply shock, the impact of which continues to build globally, with the relative calm and sub-USD 100 futures prices not fully reflecting the reality in the physical market," Saxo Bank noted.

May WTI Crude Oil Contract Closes Up US$3.40; Settles at US$94.69 per Barrel

Oil Moves Higher, But Remains Under US$100 on Hopes Around Talks Between the U.S. and Iran

Oil prices rose early Thursday, but remained firmly below the US$100 mark on hopes the United States and Iran will extend their ceasefire and resume talks to end war in the Middle East.West Texas Intermediate crude oil for May delivery was last seen up $0.43 to US$91.72 per barrel, while June Brent oil was up $0.95 to US$95.88.The U.S. Navy is blockading Iranian ports while Iran continues to block the Strait of Hormuz. However, U.S. President Trump's Wednesday comments that he, once again, thinks the end of the conflict is near, while Pakistan mediators continue to press for a resumption of talks between the two countries, is offering some hope for an end to a war that has kept the 20% of daily oil and gas demand from Persian Gulf Nations off the market.The supply shock has hit hardest in Asian nations, where some countries have introduced rationing while bidding up prices for immediately available supplies that are fetching near US$150 per barrel."Oil has steadied...on signs the US and Iran may extend a ceasefire and restart talks aimed at ending a war that has choked global supplies of key commodities from the Persian Gulf. This has triggered a major supply shock, the impact of which continues to build globally, with the relative calm and sub-USD 100 futures prices not fully reflecting the reality in the physical market," Saxo Bank noted.

Update: WTI Closes Up a Penny as Supply Worries Continue Even as Trump Claims the War is "Close to Over"

West Texas Intermediate (WTI) crude oil closed up by a penny on Wednesday as U.S. President Trump again declared the war on Iran is near an end while traders continue to scramble for supply with the closure of the Strait of Hormuz keeping a fifth of daily oil demand off the market.WTI crude oil for May delivery closed up US$0.01 to settle at US$91.29 per barrel, while June Brent oil was last seen up US$0.23 to US$95.02.Trump's on Wednesday told a U.S. television network that the war was "close to over", according to the New York Times, while on Tuesday saying he expected negotiations with Iran to soon continue.Still, the Strait of Hormuz remains closed to most shipping, keeping 20% of daily oil demand from the market, as Iran continues to forbid tankers from transiting the waterway while the United States blockades Iranian ports."Iran's own blockade of non-Iranian oil keeps most crude inside the Gulf, while the US blockade now prevents Iranian crude from getting out. i.e., the (Strait of Hormuz) is theoretically closed from both sides (with some ships sailing through). The only meaningful ME (Middle Eastern) oil reaching the global market is Saudi Arabia's pipeline exports through Yanbu to the Red Sea," Ole Hvalbye, a commodities analyst at SEB Research, wrote.U.S. commercial oil inventories posted an unexpected drop last week, as the Energy Information Administration reported stocks fell 0.9-million barrels, while the consensus estimate among analysts polled by Reuters expected a rise of 0.15-million barrels

May WTI Crude Oil Contract Closes Up US$0.01; Settles at US$91.29 per Barrel

Oil Edges Higher as Supply Worries Continue Even as Trump Claims the War is "Close to Over"

Oil prices edged higher early even as U.S. President Trump again declared the war on Iran is near an end as traders continue to scramble for supply with the closure of the Strait of Hormuz keeping a fifth of daily supply off the market.West Texas Intermediate crude oil for May delivery was last seen up US$0.88 to US$92.16 per barrel, while June Brent oil was up US$0.81 to US$95.58.The rise comes despite Trump's comments to a U.S. television network that the war was "close to over", according to the New York Times, while on Tuesday saying he expected negotiations with Iran to soon continue.Still, the Strait of Hormuz remains closed to most shipping, keeping 20% of daily oil demand from the market, as Iran continues to forbid tankers from transiting the waterway while the United States blockades Iranian ports."Iran's own blockade of non-Iranian oil keeps most crude inside the Gulf, while the US blockade now prevents Iranian crude from getting out. i.e., the (Strait of Hormuz) is theoretically closed from both sides (with some ships sailing through). The only meaningful ME (Middle Eastern) oil reaching the global market is Saudi Arabia's pipeline exports through Yanbu to the Red Sea," Ole Hvalbye, a commodities analyst at SEB Research, wrote.Despite the supply shock, U.S. inventories continue to rise, limiting oil's rise. In its weekly survey released Tuesday, the American Petroleum Institute said U.S. oil stocks rose by 6.1-million barrels last week, while the consensus estimate expected a drop of 1.3-milllion barrels, according to Investing.com. The Energy Information Adminstration will release official inventory data later on Wednesday morning.