$CLM6

May WTI Crude Oil Contract Closes Up US$2.89; Settles at US$95.85 per Barrel

Oil Edges Higher as the Prospect for a Peace Deal in the Iran War Stalls

Oil edged higher early on Thursday with the United States and Iran making little progress to end a war that has produced the largest-ever supply shock with shipments from the Persian Gulf region barred from the Strait of Hormuz.West Texas Intermediate (WTI) crude oil for June delivery was last seen up US$0.33 to US$93.29 per barrel, while June Brent oil was up US$0.50 to US$102.41.The United States and Iran remain at an impasse, with Iran refusing to negotiate as long as the U.S. Navy continues to blockade its ports, while the U.S. refuses to lift the blockade. Iran is attacking ships in the Strait of Hormuz, the chokepoint for 20% of the world's daily oil demand supplied by Persian Gulf nations, while reports say U.S. forces are boarding Iranian ships in the Indian Ocean."The Iranian leadership had made the lifting of the US blockade a precondition for the resumption of negotiations, with a senior official calling it an act of military aggression. President Trump for his part has indicated that the ceasefire will remain in place for now, leaving the conflict in a no airstrike, minimal movement of ships, unsustainable equilibrium," Helima Croft, Head of Global Commodity Strategy and MENA Research wrote.WTI oil is up 37% since the Feb. 28 start to the war, but has retreated below the four-year high of US$112.95 touched on April 7 on hopes for a coming end to the conflict. However should traders expect the current impasse between the two sides to stretch out, prices could retests that four-year high."Trump has been touting that a deal with Iran is imminent through most of April. But a deal now looks increasingly elusive. Poly market bets in the US for when the SoH (Strait of Hormuz) will reopen have declined sharply over the past week. Bets on a reopening by 13 May has declined 27% since last Friday to now only 39%. Expectations for when the SoH will reopen is sliding rapidly into the future. That implies a higher oil price," said Bjarne Schieldrop, chief analyst commodities at SEB Research wrote.

Brent Crude Up 1.1% at US$103 and NY Crude Up 1.15% at Near US$94

Brent Crude Up 1.75% at US$103.70

Update: WTI Oil Moves Higher as the U.S. Extends Its Ceasefire While Iran Continues to Refuses To Talk

West Texas Intermediate (WTO) crude oil rose Wednesday after the United States extended a ceasefire with Iran while continuing to blockade the country's ports, and as Iran attacked ships in the Persian Gulf while rejecting talks with the U.S. until the blockade is lifted.WTI crude oil for June delivery closed up US$3.29 to settle at US$92.96 per barrel, while June Brent oil was last seen up US$3.65 to US$102.13.Oil markets continue to react to developments in the U.S. war on Iran, which has blocked the Strait of Hormuz, trapping shipments from the Persian Gulf nations that supplied 20% of daily oil demand. While U.S. President Trump on Tuesday extended a ceasefire for attacks on the country, he refused to lift a blockade on Iran's ports. Iran has made lifting the blockade a key demand for resuming negotiations to end the war."Oil prices continue to whipsaw ... after Trump extended the ceasefire with Iran, even as peace talks remain on hold due to Tehran's refusal to negotiate while the US maintains its naval blockade ... the result is a continued and severe, and potentially growing, disruption to flows, with the Strait of Hormuz effectively closed," Ole Hansen, head of commodity strategy at Saxo Bank, wrote.Despite the U.S. ceasefire, Iran attacked three ships on Wednesday, the Wall Street Journal reported, while U.S. forces boarded a sanctioned tanker in the Indian Ocean.In its weekly report, the Energy Information Administration said U.S. commercial crude oil inventories rose by 1.9-million barrels last week, while inventories of gasoline and distillates fell.

June WTI Crude Oil Contract Closes Up US$3.29; Settles at US$92.96 per Barrel

Oil Moves Higher as the U.S. Extends Its Ceasefire While Iran Continues to Refuses To Talk

Oil prices moved higher early Wednesday after the United States extended a ceasefire with Iran while continuing to blockade the country's ports, and as Iran attacked ships in the Persian Gulf while rejecting talks with the U.S. until the blockade is lifted.West Texas Intermediate crude oil for June delivery was last seen up $0.15 to US$89.82 per barrel, while June Brent oil was up $0.42 to US$98.90.Oil markets continue to react to developments in the U.S. war on Iran, which has blocked the Strait of Hormuz, trapping shipments from the Persian Gulf nations that supplied 20% of daily oil demand. While U.S. President Trump on Tuesday extended a ceasefire for attacks on the country, he refused to lift a blockade on Iran's ports. Iran has made lifting the blockade a key demand for resuming negotiations to end the war, and again allowing ships to transit the Strait."Oil prices continue to whipsaw, but with Brent holding below US$100 after Trump extended the ceasefire with Iran, even as peace talks remain on hold due to Tehran's refusal to negotiate while the US maintains its naval blockade...the result is a continued and severe, and potentially growing, disruption to flows, with the Strait of Hormuz effectively closed," Ole Hansen, head of commodity strategy at Saxo Bank, wrote.Despite the U.S. ceasefire, Iran attacked two ships on Wednesday, with the Wall Street Journal reporting gunboat attacks on a container ship and another unidentified vessel, while U.S. forces boarded a sanctioned tanker in the Indian Ocean.A report showed U.S. oil inventories fell last week. In its weekly survey, the American Petroleum Institute reported inventories fell by 4.4-milion barrels last week, under the consensus estimate for a 1.0-mllion barrel drop, according to Investing.com. The Energy Information Administration will release official inventory data later on Wednesday morning.