$CLN6

Brent Crude Up 2.7% at Near US$105.30 and NY Crude Up 2.15% at About US$98.45

Update: WTI Oil Falls Again as Iran is Reportedly Refusing to Surrender Its Uranium Stocks

West Texas Intermediate (WTI) crude oil fell for a third day on Thursday as the United States awaits Iran's response to it latest peace proposal, though reports said the Persian Gulf country will not agree to U.S. demands to end its nuclear program.WTI crude oil for July delivery closed down US$1.91 to settle at US$96.35 per barrel, while July Brent oil was last seen down US$1.54 to US$103.48.The drop comes a day after the United States sent Iran a fresh peace offer while threatening to resume attacks on the country should its terms be rejected. While Iran has yet to formally respond Reuters reported Iranian Supreme Leader Ayatollah Mojtaba Khamenei ordered the country's stocks of enriched uranium would not be surrendered, blocking a key U.S. peace demand.The news agency said that along with Iran's refusal to end its nuclear program, it also formed a Persian Gulf Strait Authority to firm its control of the Strait of Hormuz, the choke point for 20% of global oil demand supplied by Persian Gulf nations.Iran blockaded the Strait at the Feb. 28 start to the war, producing the largest-ever energy supply shock, boosting oil prices by more than half and boosting inflation and raising fears central banks will need to raise interest rates and slow global growth while roiling markets."Oil moved sharply lower (Wednesday) after Trump stated that the US was in the "final stages" of talks with Iran, raising hopes that some form of diplomatic breakthrough could eventually ease supply disruptions. Those hopes faded after subsequent comments warning that "there's more fighting to come unless Iran gets smart. Markets increasingly appear trapped between these alternating signals. The result has been substantial price volatility without delivering the one development that ultimately matters: a reopening of the Strait of Hormuz and a normalization of regional energy flows," Ole Hansen, head of commodity strategy at Saxo Bank, wrote.

July WTI Crude Oil Contract Closes Down US$1.91; Settles at US$96.35 per Barrel

Oil Prices Rise as Iran Reportedly Refusing to Surrender Its Uranium Stocks

Oil prices are up early Thursday, rebounding from a day-prior plunge as the United States awaits Iran's response to it latest peace proposal, though reports said the Persian Gulf country will not agree to U.S. demands to end its nuclear program.West Texas Intermediate crude oil for July delivery was last seen up $2.34 to US$100.60 per barrel, while July Brent oil was up $1.94 to US$106.96.The rise comes a day after the U.S. sent Iran a fresh peace offer while threatening to resume attacks on the country should its terms be rejected. While Iran has yet to formally respond Reuters reported Iranian Supreme Leader Ayatollah Mojtaba Khamenei ordered the country's stocks of enriched uranium would not be surrendered, blocking a key U.S. peace demand.The news agency said that along with Iran's refusal to end its nuclear program, it also formed a Persian Gulf Strait Authority to firm its control of the Strait of Hormuz, the choke point for 20% of global oil demand supplied by Persian Gulf nations.Iran blockaded the Strait at the Feb. 28 start to the war, producing the largest-ever energy supply shock, boosting oil prices by more than half and boosting inflation and raising fears central banks will need to raise interest rates and slow global growth while roiling markets."Oil moved sharply lower (Wednesday) after Trump stated that the US was in the "final stages" of talks with Iran, raising hopes that some form of diplomatic breakthrough could eventually ease supply disruptions. Those hopes faded after subsequent comments warning that "there's more fighting to come unless Iran gets smart. Markets increasingly appear trapped between these alternating signals. The result has been substantial price volatility without delivering the one development that ultimately matters: a reopening of the Strait of Hormuz and a normalization of regional energy flows," Ole Hansen head of commodity strategy at Saxo Bank, wrote.

Brent Crude Up 1.5% at Near US$106.50, NY Crude Up 1.7% at Near US$100 As Bloomberg TV Cites Report of Iran Supreme Leader Saying Uranium Must Stay In Iran

Market Chatter: Canada PM Carney Pitches Reluctant British Columbia on New Oil Pipeline to Fuel Asia

Prime Minister Mark Carney said people in British Columbia should see "substantial economic and financial benefits" from a proposed new oil pipeline to the province's coast, which BC Premier David Eby opposes, Bloomberg is reporting Wednesday.Last Friday, the neighboring province of Alberta signed a deal with Carney on energy rules, helping pave the way for a pipeline it is proposing to carry 1 million barrels of crude a day to the west coast for shipment to Asian markets, the report noted.It faces environmental and Indigenous resistance in BC, the report also noted.In an address to the Greater Vancouver Board of Trade, Carney said it would only be built under three conditions: benefits for BC, the building of a massive carbon capture project and consultation with Indigenous people.One item on the agenda is a national harmonized levy on carbon, Carney said. Last week's deal with Alberta included a lower carbon price than the previous federal minimum. The new lower figure will also now apply for all provinces, according to the government's website.The prime minister said he'll engage with BC and other provinces about the new threshold.(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Update: WTI Plunges 5.7% as Trump Says an Iran Deal is Near

West Texas Intermediate (WTI) crude oil closed sharply lower on Wednesday after as U.S. President Trump said negotiations with Iran were in their final stages while threatening to renew attacks if a deal cannot be reached.WTI crude oil for July delivery closed down US$5.89 to settle at US$98.26 per barrel, while July Brent oil was last seen down US$6.18 to US$105.10.Reuters reported Trump on Wednesday told reporters "We're in the final stages of Iran. We'll see what happens. Either have a deal or we're going to do some things that are a little bit nasty, but hopefully that won't happen".Iranian media confirmed it received a fresh U.S. offer through an intermediary and is reviewing the proposed deal.The war has blocked the Strait of Hormuz since it began on Feb. 28, keeping the 20% of daily oil demand supplied by Persian Gulf nations mostly off the market and producing the world's largest-ever supply shock. Though the closure of the Strait has already pushed oil prices up by more than half, analytics firm Woods Mackenzie said if the war is extended until the end of the year, oil prices could rise as high as US$200 per barrel, though a quick settlement could lower Brent prices to US$80 by year end."The Strait of Hormuz is the most critical chokepoint in global energy markets, and a prolonged closure would become far more than an energy crisis," said Peter Martin, head of economics at Wood Mackenzie. "The longer disruption persists, the greater the impact on energy prices, industrial activity, trade flows and global economic growth."The market is awaiting the start of the high-demand U.S. summer driving season, which begins with this weekend's Memorial Day holiday. The start of the season comes as U.S. oil inventories continue to decline, with the Energy Information Administration reporting U.S. commercial oil inventories fell 7.9-million barrels last week, well above consensus estimate for a drop of 2.9-million barrels among analysts polled by Reuters.

July WTI Crude Oil Contract Closes Down US$5.89, or 5.7%; Settles at US$98.26 per Barrel

Oil Prices Fall Despite U.S. Threats to Resume Attacks on Iran

Oil prices eased early on Wednesday even as U.S. President Trump again threatened fresh attacks on Iran, while Iran threatened strikes outside the Persian Gulf region should the United States resume attacks.West Texas Intermediate crude oil for July delivery was last seen down US$0.89 to US$107.77 per barrel, while July Brent oil was down US$2.25 to US$109.03.The Guardian reported Iran's Islamic Revolutionary Guard Corps threatened to extend the war beyond the Persian Gulf region if the United States resumes strikes against the country after Trump on Tuesday promised a fresh wave of attacks if Iran does not agree to a peace deal.The war has blocked the Strait of Hormuz since it began on Feb. 28, keeping the 20% of daily oil demand supplied by Persian Gulf nations mostly off the market and producing the world's largest-ever supply shock. Though the closure of the Strait has already pushed oil prices up by more than half, analytics firm Woods Mackenzie said if the war is extended until the end of the year, oil prices could rise as high as US$200 per barrel, though a quick settlement could lower Brent prices to US$80 by year end."The Strait of Hormuz is the most critical chokepoint in global energy markets, and a prolonged closure would become far more than an energy crisis," said Peter Martin, head of economics at Wood Mackenzie. "The longer disruption persists, the greater the impact on energy prices, industrial activity, trade flows and global economic growth."The market is awaiting the start of the high-demand U.S. summer driving season, which begins with this weekend's Memorial Day holiday. The start of the season comes as U.S. oil inventories continue to decline, with the American Petroleum Institute's weekly survey showing stocks fell by 9.1-million barrels last week, well ahead of the consensus estimate for a drop of 3.4-million barrels. The Energy Information Administration will release official inventory data later on Wednesday morning.