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Update: WTI Oil Rises Again as Fighting Between US and Iran Keeps Tankers Trapped in Persian Gulf

(Updates prices in the second paragraph.)West Texas Intermediate (WTI) crude oil rose on Tuesday, climbing for a third straight session as fighting between Iran and the United States continues to constrain Persian Gulf supply.WTI crude oil for August delivery closed up $1.68, or 2%, to settle at $84.91 per barrel, while September Brent was last seen up $1.70, or 1.9%, to $90.92.The rise comes as fighting continues to block shipping in the Strait of Hormuz, the chokepoint for a fifth of daily oil demand supplied by countries in the region prior to the start of the war. The UK Maritime Trade Operations agency reported an attack on a vessel moving through the strait on Monday, forcing the crew to abandon ship.The renewed fighting has pushed oil up by 13% over the past month, as buyers hunt for supply and tankers wait to move through the strait. Hormuzstraitmonitor.com reported that just 13 ships moved through in the last day, with 142 tankers still waiting to move out of the region.A fresh threat to the market came on Monday, after Yemen's Houthi militant group threatened to close the Bab al-Mandab Strait at the southern end of the Red Sea, blocking Saudi Arabia's exports through the sea, pushing prices higher.Still, a Reuters report that mediators are proposing a 10-day ceasefire to renew negotiations between Iran and the US raised hopes the two sides may reach an agreement to end fighting."The move (higher) came from the Houthi maritime blockade on Saudi Arabia, a tenth consecutive day of US strikes on Iran and a tanker strike in the Strait of Hormuz. Crude gave some of that back overnight, with Brent easing 0.7% to around USD 88.55 as reports of a possible 10-day pause in strikes circulated," Saxo Bank wrote in a note.

August WTI Crude Oil Contract Closes Up $1.68, or 2%; Settles at $84.91 per Barrel

Oil Rises Again as Fighting Between US and Iran Keeps Tankers Trapped in Persian Gulf

Oil prices rose early on Tuesday, climbing for a third straight session as fighting between Iran and the U.S. continues to keep Persian Gulf supply constrained.West Texas Intermediate crude oil for August delivery was last seen up $1.07, or 1.3%, to $84.30 per barrel, while September Brent was up $1.43, or 1.6%, to $90.65.The rise comes as fighting continues to block shipping in the Strait of Hormuz, the chokepoint for a fifth of daily oil demand supplied by countries in the region prior to the start of the war. The UK Maritime Trade Operations agency reported an attack on a vessel moving through the strait on Monday, forcing the crew to abandon ship.The renewed fighting has pushed up oil by 13% over the past month, as buyers hunt for supply and tankers wait to move through the strait. Hormuzstraitmonitor.com reported just 13 ships moved through in the last day, with 142 tankers still waiting to move out of the region.A fresh threat to market came on Monday, after Yemen's Houthi militant group threatened to close the Bab al-Mandab Strait at the southern end of the Red Sea, blocking Saudi Arabia's exports through the sea, pushing prices higher.Still, a Reuters report that mediators are proposing a 10-day ceasefire to renew negotiations between Iran and the U.S. raised hopes the two sides may reach an agreement to end fighting."The move (higher) came from the Houthi maritime blockade on Saudi Arabia, a tenth consecutive day of US strikes on Iran and a tanker strike in the Strait of Hormuz. Crude gave some of that back overnight, with Brent easing 0.7% to around USD 88.55 as reports of a possible 10-day pause in strikes circulated," Saxo Bank wrote in a note.

Update: WTI Oil Rises as Iran and the US Continue Fighting

(Updates prices in the second paragraph.)West Texas Intermediate (WTI) crude oil closed higher Monday, with continuing fighting between Iran and the United States offsetting reports that talks between the two countries may resume.WTI crude oil for August delivery closed up $0.74, or 0.9%, to settle at $83.23 per barrel, while September Brent crude was last seen up $1.08, or 1.2%, to $89.18.The rise comes despite early reports that Iran remains open to a negotiated settlement to the war launched by the US and Israel on Feb. 28, The Guardian reported. Iranian officials said mediators continue to exchange messages aimed at ending the conflict, while US Secretary of State Marco Rubio said he is open to fresh talks.Fighting continued over the weekend, with Iran striking ships transiting the Strait of Hormuz and its Persian Gulf neighbors and the US attacking targets in Iran. The conflict has left ships trapped inside the Persian Gulf, disrupting traffic through the Strait of Hormuz, the key chokepoint for exports from Persian Gulf producers that supplied about one-fifth of global oil demand before the war.Shipping through the Strait has almost stalled amid the fighting, with hormuzstraitmonitor.com reporting just four ships have moved through the waterway over the past day, leaving 490 ships that included 175 tanker trapped and waiting for a peace deal that is likely to favor Iran."Little has changed from the underlying fundamentals prevailing earlier in the conflict. Iran's leaders fear a disadvantageous peace more than a disadvantageous war, risking a prolonged conflict even at greater long-term economic cost. A more constructive-leaning take on the recent fighting is that this represents a last-ditch US attempt to find a geopolitical hook to avoid a strategic defeat, before accepting a reopened Strait under some Iranian influence," wrote Erik Meyersson, Chief Emerging Markets Strategist at SEB Research.

August WTI Crude Oil Contract Closes Up $0.74, or 0.9%; Settles at $83.23 per Barrel

Oil Falls on Reports Iran-US Talks May Resume Despite Continued Fighting

Oil prices fell early Monday on reports that talks between Iran and the US may resume, even as the two sides continued to exchange attacks.West Texas Intermediate crude for August delivery was last down $1.52, or 1.8%, at $80.97 a barrel, while September Brent crude fell $1.19, or 1.4%, to $86.91.The decline followed reports that Iran remains open to a negotiated settlement to the war launched by the US and Israel on Feb. 28, The Guardian reported. Iranian officials said mediators continue to exchange messages aimed at ending the conflict, while US Secretary of State Marco Rubio said he is open to fresh talks.Fighting still continued over the weekend, with Iran striking ships transiting the Strait of Hormuz and the US attacking targets in Iran. The conflict has left ships trapped inside the Persian Gulf, disrupting traffic through the Strait of Hormuz, the key chokepoint for exports from Persian Gulf producers that supplied about one-fifth of global oil demand before the war.Shipping through the Strait has almost stalled amid the fighting, with hormuzstraitmonitor.com reporting just four ships have moved through the waterway over the past day, leaving 490 ships, including 175 tankers, trapped and waiting for a peace deal that is likely to favor Iran."Little has changed from the underlying fundamentals prevailing earlier in the conflict. Iran's leaders fear a disadvantageous peace more than a disadvantageous war, risking a prolonged conflict even at greater long-term economic cost. A more constructive-leaning take on the recent fighting is that this represents a last-ditch US attempt to find a geopolitical hook to avoid a strategic defeat, before accepting a reopened Strait under some Iranian influence," Erik Meyersson, Chief EM Strategist at SEB Research wrote.

Update: WTI Oil Rises as Fresh Middle East Fighting Keeps the Strait of Hormuz Closed

(Updates prices in the second paragraph.)West Texas Intermediate (WTI) crude oil closed at a five-week high on Friday as fresh fighting between the US and Iran kept the Strait of Hormuz closed.WTI crude oil for August delivery closed up 4.5% to settle at $82.49 per barrel, the highest since June 12, while September Brent crude was last seen up 4.4% to $87.96.The gains followed reports that US forces struck bridges around Iran's port city of Bandar Abbas, according to The Wall Street Journal. Iran responded with attacks on neighboring countries and strikes on ships in the Persian Gulf.The fresh fighting is keeping the Strait of Hormuz closed, the chokepoint for 20% of daily oil demand supplied by Persian Gulf nations prior to the Feb. 28 start to the war. About 285 ships remain trapped in the Persian Gulf, according to hormuzstraitmonitor.com, with 10 ships moving through the Strait in the past day."Crude oil extended its rally, with Brent climbing back above USD 85 a barrel as energy and refined fuel flows through the Strait of Hormuz continues to slow amid the escalating conflict between the US and Iran. The renewed disruption has interrupted the recent recovery in regional supply, reviving concerns about tighter global markets," Saxo Bank noted.

August WTI Crude Oil Contract Closes Up $3.54, or 4.5%; Settles at $82.49 per Barrel

Update: WTI Oil Edges Down Even as Iran Conflict Keeps Strait of Hormuz Shut

(Updates prices in the second paragraph.)West Texas Intermediate (WTI) closed lower for the first time in four sessions on Thursday, even as escalating violence between the US and Iran is keeping the Strait of Hormuz closed.WTI crude oil for August delivery closed down 0.8% to settle at $78.95 per barrel, falling off the highest since June 15, while September Brent oil was last seen down 0.8% to $84.72.US forces continued to strike Iran as they seek to eliminate the country's ability to threaten vessels passing through the Strait of Hormuz, a key chokepoint that carried about 20% of global oil supplies before the war began on Feb. 28.The Guardian reported the US launched strikes on the port city of Bandar Abbas as well as targets near Tehran and a tanker ignoring the US blockade of Iranian ports, while Iran responded with attacks on Bahrain, Kuwait and Jordan.The fresh fighting is keeping ships trapped in the Persian Gulf, leaving Asian nations struggling for supply. Just 10 ships moved through the Strait of Hormuz in the past day, according to hormuzstraitmonitor.com, 17% of normal traffic through the waterway."Crude oil steadied after a three-day rally, with Brent trading around USD 85, suggesting the recent wave of short covering that helped fuel the advance may have largely run its course for now. Nevertheless, escalating Middle East tensions continue to raise concerns about energy flows from the region, prompting the IEA to warn that a prolonged disruption could have a meaningful impact on the global economy," Saxo Bank wrote.

NYMEX WTI Crude August futures settle at $78.95 a barrel, down 65 cents, 0.82%

Oil Extends Rally for Fourth Session as Iran Conflict Keeps Strait of Hormuz Shut

Oil prices edged higher early Thursday, rising for a fourth straight session as escalating violence between the U.S. and Iran kept the Strait of Hormuz closed.West Texas Intermediate crude oil for August delivery was last seen up 0.5% to $79.96 per barrel, the highest since June 15, while September Brent oil was up 0.1% to $85.06.U.S. forces continued to strike Iran as they sought to eliminate the country's ability to threaten vessels passing through the Strait of Hormuz, a key chokepoint that carried about 20% of global oil supplies before the war began on Feb. 28.The Guardian reported the US launched strikes on the port city of Bandar Abbas as well as targets near Tehran and a tanker ignoring the US blockade of Iranian ports, while Iran responded with attacks on Bahrain, Kuwait and Jordan.The fresh fighting is keeping ships trapped in the Persian Gulf, leaving Asian nations struggling for supply. Just 10 ships moved through the Strait of Hormuz in the past day, according to hormuzstraitmonitor.com, 17% of normal traffic through the waterway.The escalating fighting is keeping supply tight, pushing price up 11% since the fighting restarted on the weekend amid fears of rising inflation and slower growth."Crude oil steadied after a three-day rally, with Brent trading around USD 85, suggesting the recent wave of short covering that helped fuel the advance may have largely run its course for now. Nevertheless, escalating Middle East tensions continue to raise concerns about energy flows from the region, prompting the IEA to warn that a prolonged disruption could have a meaningful impact on the global economy," Saxo Bank wrote.

Update: WTI Oil Edges Up to a Fresh Month High as Middle East Fighting Intensifies

(Updates prices in the second paragraph and and EIA storage data in the final paragraph.)West Texas Intermediate (WTI) crude oil rose to a one-month high on Wednesday as fighting between the US and Iran intensified, keeping the Strait of Hormuz blocked.WTI crude oil for August delivery closed up $0.26, or 0.3%, to settle at $79.71 per barrel, the highest since June 15, while September Brent oil was last seen down $0.02, or 0.02%, to $84.71.WTI's rise comes as the US and Iran continue to trade attacks after the pair last week walked away from their ceasefire agreement. The US launched a fresh series of missile strikes on Iranian targets while Iran responded with strikes on US targets in neighboring countries, the Guardian reported.The renewed fighting is again keeping the Strait of Hormuz closed, choking off exports from the Persian Gulf, which supplied 20% of daily oil demand prior to the Feb. 28 start to the war. Just 19 ships have moved through the Strait in the past day, according to hormuzstraitmonitor.com, leaving hundreds of vessels still waiting to move out into the Gulf of Oman and onto world markets."Oil prices trade higher for a third day after Trump threatened further strikes on Iran, hours after the US resumed its blockade on Iran's shipping through the Strait of Hormuz. Meanwhile, Trump's U-turn on plans to impose a 20% charge on shipments through the waterway briefly sent prices lower before the resumption of attacks," Saxo Bank noted.In its weekly report, the Energy Information Administration said US commercial oil inventories fell by 1.7-million barrels last seek, leaving stocks at 6% below the five-year average for the period.

August WTI Crude Oil Contract Closes up $0.26, or 0.3%; Settles at $79.60 per Barrel

Oil Edges Up to a Fresh Month High as Middle East Fighting Intensifies

Oil edged higher to the highest in a month early on Wednesday as fighting between the US and Iran intensified, keeping the Strait of Hormuz blocked again.West Texas Intermediate crude oil for August delivery was last seen up $0.37, or 0.5%, to $79.71 per barrel, the highest since June 15, while September Brent oil was up $0.50, or 0.6%, to $85.23.The rise comes as the US and Iran continue to trade attacks after the pair last week appeared to walk away from their ceasefire agreement. The US launched a fresh series of missile strikes on Iranian targets while Iran responded with strikes on US targets in neighboring countries, the Guardian reported.The renewed fighting is again keeping the Strait of Hormuz closed, choking off exports from the Persian Gulf, which supplied 20% of daily oil demand prior to the Feb. 28 start to the war. Just 19 ships have moved through the Strait in the past day, according to hormuzstraitmonitor.com, leaving hundreds of vessels still waiting to move out into the Gulf of Oman and onto world markets."Oil prices trade higher for a third day after Trump threatened further strikes on Iran, hours after the US resumed its blockade on Iran's shipping through the Strait of Hormuz. Meanwhile, Trump's U-turn on plans to impose a 20% charge on shipments through the waterway briefly sent prices lower before the resumption of attacks," Saxo Bank noted.A lighter than expected drop in US oil inventories last week is offering a check to prices. In its weekly survey, the American Petroleum Institute reported stocks dropped by 0.6-milllion barrels last week, under expectations for a fall of 2.7-million barrels, according to Investing.com. The Energy Information Administration will release official storage data later on Wednesday morning.

Update: WTI Oil Extends Rally as US-Iran Fighting Threatens Persian Gulf Supply

(Updates prices in the second paragraph.)West Texas Intermediate (WTI) crude oil rose for a second day on Tuesday as renewed fighting between the US and Iran again threatens to keep Persian Gulf supply off the market.WTI crude oil for August delivery closed up $1.20, or 1.5%, to settle at $79.34 per barrel, the highest since June 15, while September Brent oil was last seen up $1.34, or 1.6%, to $84.64.Oil is now up 11% in the past two days after Iran and the US renewed fighting on the weekend as they dispute control over the Strait of Hormuz, the chokepoint for 20% of daily oil demand supplied by Persian Gulf nations prior to the Feb. 28 start to the war.Iran attacked three tankers in the Strait and launched strikes against US targets in neighboring countries overnight, the Wall Street Journal reported, while the US carried out five hours of strikes on Iranian targets and re-imposed a blockade of Iranian ports.Iran has again declared the Strait closed, while the US President Trump on Monday said it remains open while announcing plans to impose a 20% toll on shipping through the waterway as a protection fee.The fighting has again kept shipping through the Strait limited, with hormuzstraitmonitor.com reporting just 11 ships have move through the waterway in the past 24 hours, under the daily average of 60 ships."Oil prices jumped almost 10% on Monday - their biggest one-day gain in more than three months - after President Trump reinstated the blockade on Iran and demanded a 20% toll on all cargo passing through the Strait of Hormuz. Brent extended its advance during the Asian session, rising a further 1.1% to USD 85 per barrel for the first time in a month, supported by short covering from wrong-footed traders and renewed concerns over Persian Gulf supply," Saxo Bank wrote.

August WTI Crude Oil Contract Closes Up $1.20, or 1.5%; Settles at $79.34 per Barrel

Oil Extends Rally as US-Iran Fighting Threatens Persian Gulf Supply

Oil rose for a second day early Tuesday as renewed fighting between the US and Iran again threatens to keep Persian Gulf supply off the market.West Texas Intermediate crude oil for August delivery was last seen up $1.66, or 2.1%, to $79.80 per barrel, the highest since June 15, while September Brent oil was up $2.67, or 3.2%, to $85.97.Oil is now up 12% in the past two days after Iran and the US renewed fighting on the weekend as they dispute control over the Strait of Hormuz, the chokepoint for 20% of daily oil demand supplied by Persian Gulf nations prior to the Feb. 28 start to the war.Iran attacked three tankers in the Strait and launched strikes against US targets in neighboring countries overnight, the Wall Street Journal reported, while the US carried out five hours of strikes on Iranian targets and re-imposed a blockade of Iranian ports.Iran has again declared the Strait closed, while the US President Trump on Monday said it remains open while announcing plans to impose a 20% toll on shipping through the waterway as a protection fee.The fighting has again kept shipping through the Strait limited, with hormuzstraitmonitor.com reporting just 11 ships have move through the waterway in the past 24 hours, under the daily average of 60 ships."Oil prices jumped almost 10% on Monday - their biggest one-day gain in more than three months - after President Trump reinstated the blockade on Iran and demanded a 20% toll on all cargo passing through the Strait of Hormuz. Brent extended its advance during the Asian session, rising a further 1.1% to USD 85 per barrel for the first time in a month, supported by short covering from wrong-footed traders and renewed concerns over Persian Gulf supply," Saxo Bank wrote.

Update: WTI Oil Surges 9.2% as an Escalating US-Iran Conflict Threatens Strait of Hormuz

West Texas Intermediate (WTI) crude oil surged 9.2% Monday to the highest in a month after the conflict between the US and Iran escalated over the weekend, fueling concerns about potential disruptions to global crude supplies.WTI crude oil closed up $6.73 to settle at $78.14 per barrel, the highest since June 15, while September Brent crude was last seen up $7.39, or 9.7%, to $83.40.The US struck sites in Iran, while Tehran targeted shipping in the Strait of Hormuz and US assets in neighboring countries. Iran also renewed its threat to close the Strait, the chokepoint through which about 20% of global oil consumption moves before reaching international markets.The Guardian reported only 14 ships moved through the waterway on Sunday, citing data from Kpler, the lowest level in a month and down 52% for the week ended Sunday. However, the U.S. said the Strait remains open.The apparent end to last month's peace deal between the two counties is pushing oil higher, renewing worries over higher inflation and rising interest rates and preventing countries that rely on Gulf exports from restocking inventories depleted since the Feb. 28 start to the war."Oil prices jumped ... after the battle for control over the Strait of Hormuz escalated over the weekend. Fresh strikes by US and Iran renewed concerns about the safe passage of oil and other key commodities through the narrow waterway. The hostilities also risk derailing efforts to rebuild inventories, according to the IEA, while further reducing the prospects for a diplomatic resolution," Saxo Bank noted.

August WTI Crude Oil Contract Closes Up $6.73, or 9.4%; Settles at $78.14 per Barrel

Oil Hits Three-Week High as Escalating US-Iran Conflict Threatens Strait of Hormuz

Oil rose to a three-week high early Monday after the conflict between the U.S. and Iran escalated over the weekend, fueling concerns about potential disruptions to global crude supplies.West Texas Intermediate crude oil was last seen up $2.40, or 3.4%, at $73.81, the highest since June 22, while September Brent crude rose $2.58, or 3.4%, to $78.59.The U.S. struck sites in Iran, while Tehran targeted shipping in the Strait of Hormuz and U.S. assets in neighboring countries. Iran also renewed its threat to close the Strait, the chokepoint through which about 20% of global oil consumption moves before reaching international markets.The Guardian reported only 14 ships moved through the waterway on Sunday, citing data from Kpler, the lowest level in a month and down 52% for the week ended Sunday. However, the U.S. said the Strait remains open.The apparent end to last month's peace deal between the two counties is pushing oil higher, renewing worries over higher inflation and rising interest rates and preventing countries that rely on Gulf exports from restocking inventories depleted since the Feb. 28 start to the war."Oil prices jumped, with Brent trading near USD 80 per barrel, after the battle for control over the Strait of Hormuz escalated over the weekend. Fresh strikes by US and Iran renewed concerns about the safe passage of oil and other key commodities through the narrow waterway. The hostilities also risk derailing efforts to rebuild inventories, according to the IEA, while further reducing the prospects for a diplomatic resolution," Saxo Bank noted.