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Update: WTI Oil Falls as Renewed Iran-US Fighting Keeps Persian Gulf Supply Disrupted

(Updates prices in the second paragraph.)West Texas Intermediate (WTI) crude oil closed lower Friday as fighting between the U.S. and Iran continues, while some ships continue to move out of the Persian Gulf through the Strait of Hormuz, boosting supply.WTI crude oil for August delivery closed down $0.67, or 0.9%, to settle at $71.41, while September Brent oil was last seen down $0.42, or 0.6%, to $75.88.The drop comes as Iran and the U.S. renew hostilities, though fighting eased overnight. The apparent end to a ceasefire agreement reached last month is continuing to keep ships trapped in the Persian Gulf since the Feb. 28 start to the war. Only 15 ships moved through the Strait of Hormuz yesterday, according to hormuzstraitmonitor.com, leaving 280 vessels still waiting to move through the waterway.However enough ships left the region since the mid-June ceasefire agreement to ease supply worries. In its monthly Oil Market Report, the International Energy Agency said June oil inventories rose for the first time since the start of the war as shipping through the Strait surged following the ceasefire."As an armada of tankers set sail for refining hubs further afield, global observed oil inventories in June rose for the first time since the outbreak of the war. Oil on water swelled by 117 mb (million barrels), far outpacing continued drawdowns in onshore stocks of some 96 mb, including 44 mb of OECD government reserves," the agency said.The IEA said global oil supply rose by 4.1-million barrels per day in June following the release of some Persian Gulf supply to 98.8-million bpd. Demand, which dropped by 4.8-million bpd in the second quarter, is expected to continue to contract in the third quarter on light supply and high prices, though is expected to rise by 1.2-million bpd in the fourth quarter.

July WTI Crude Oil Contract Closes Down $0.67, or 0.9%; Settles at $71.41 per Barrel

Oil Rises as Renewed Fighting Between Iran and the US Keeps Persian Gulf Supply Shut In

Oil moved higher early Friday as fighting between the U.S. and Iran continues, while some ships continue to move out of the Persian Gulf through the Strait of Hormuz, boosting supply.West Texas Intermediate crude oil for August delivery was last seen up $0.61, or 0.9%, to $72.69, while September Brent oil was up $0.72, or 0.9%, to 77.02The rise comes as Iran and the U.S. renew hostilities, though fighting eased overnight. The apparent end to a ceasefire agreement reached last month is continuing to keep ships trapped in the Persian Gulf since the Feb. 28 start to the war. Only 15 ships moved through the Strait of Hormuz yesterday, according to hormuzstraitmonitor.com, leaving 280 vessels still waiting to move through the waterway.However enough ships left the region since the mid-June ceasefire agreement to ease supply worries. In its monthly Oil Market Report, the International Energy Agency said June oil inventories rose for the first time since the start of the war as shipping through the Strait surged following the ceasefire."As an armada of tankers set sail for refining hubs further afield, global observed oil inventories in June rose for the first time since the outbreak of the war. Oil on water swelled by 117 mb (million barrels), far outpacing continued drawdowns in onshore stocks of some 96 mb, including 44 mb of OECD government reserves," the agency said.The IEA said global oil supply rose by 4.1-million barrels per day in June following the release of some Persian Gulf supply to 98.8-million bpd. Demand, which dropped by 4.8-million bpd in the second quarter, is expected to continue to contract in the third quarter on light supply and high prices, though is expected to rise by 1.2-million bpd in the fourth quarter.

Update: WTI Oil Falls Despite Renewed Fighting Between the US and Iran

West Texas Intermediate (WTI) crude oil closed lower on Thursday even as renewed fighting between the U.S. and Iran threatens to keep the Strait of Hormuz closed, again shutting in tankers bringing Persian Gulf supply to the market.WTI crude oil for August delivery closed down $1.44, or 2%, to settle at $72.08 per barrel, while September Brent oil was last seen down $1.72, or 2.2%, to $76.30.The drop comes as the U.S. war on Iran again heated up, with the US President Trump on Wednesday declaring a ceasefire agreement reached last month was over. The U.S. hit 90 targets in Iran, according to the Wall Street Journal, while Iran retaliating by striking at US military bases in Kuwait and elsewhere. The US also reapplied sanctions on Iranian oil exports lifted last month.The revived hostilities are threatening to again close the Strait of Hormuz, the choke point for 20% of daily oil demand supplied by Persian Gulf nations prior to the Feb. 28 start to the war. Still, ships are continuing to move through the Strait, with hormuzstraitmonitor.com reporting 34 ships moved through the waterway over the past day."Traffic through the Strait of Hormuz slowed to a crawl, with most movements occurring along an Iran-approved route closer to the waterway's northern side, while the US-backed Omani corridor where recent Iranian attacks occurred remained quiet," Saxo Bank wrote.

July WTI Crude Oil Contact Closes Down $1.44, or 2%; Settles at $72.09 per Barrel

Oil Prices Rise on Renewed Fighting Between the US and Iran

Oil rose for a third day early Thursday as renewed fighting between the U.S. and Iran threatens to keep the Strait of Hormuz closed, again shutting in tankers bringing Persian Gulf supply to the market.West Texas Intermediate crude oil for August delivery was last seen up $0.41, or 0.6%, to $73.93 per barrel, while September Brent oil was up $0.55, or 0.7%, to $78.57.The rise comes as the US war on Iran again heated up, with the U.S. President Trump on Wednesday declaring a ceasefire agreement reached last month was over. The U.S. hit 90 targets in Iran, according to the Wall Street Journal, while Iran retaliating by striking at US military bases in Kuwait and elsewhere. The US also reapplied sanctions on Iranian oil exports lifted last month.The revived hostilities are threatening to again close the Strait of Hormuz, the choke point for 20% of daily oil demand supplied by Persian Gulf nations prior to the Feb. 28 start to the war. Still, ships are continuing to move through the Strait, with hormuzstraitmonitor.com reporting 34 ships moved through the waterway over the past day."Brent trades near USD 79 after jumping on renewed US strikes on Iran, raising fresh concerns about energy supplies from the Middle East. Traffic through the Strait of Hormuz slowed to a crawl, with most movements occurring along an Iran-approved route closer to the waterway's northern side, while the US-backed Omani corridor where recent Iranian attacks occurred remained quiet," Saxo Bank wrote.

Update: WTI Oil Rises as Iran-US Fighting Resumes, Trump Says Ceasefire Is Over

(Updates prices in the second paragraph and adds EIA data in the final paragraph.)West Texas Intermediate (WTI) closed higher on Wednesday as the U.S. and Iran traded attacks, with President Trump saying the ceasefire deal reached last month is over.WTI crude oil for August delivery closed up $3.08, or 4.4%, to settle at $73.52 per barrel, the highest since June 18, while September Brent oil was last seen up $3.80, or 5.1%, to $77.96.The rise comes as the U.S. renewed attacks on Iran on Tuesday following Iranian strikes on ships moving through the Strait of Hormuz. Trump told reporters at the NATO summit in Turkey the ceasefire agreement between the two countries is "over". The U.S. on Tuesday also re-imposed sanctions on Iranian oil exports that were lifted after the June 18 ceasefire deal."The latest rally followed US strikes on targets in Iran and Washington's decision to revoke a waiver allowing new sales of Iranian oil, in response to attacks on commercial shipping in the Strait of Hormuz. The escalation threatens fragile negotiations aimed at securing a permanent peace, with both sides accusing the other of violating the ceasefire," Ole Hansen, head of commodity strategy at Saxo Bank.Despite renewed fighting, ships trapped in the Persian Gulf since the start of the war have continued to move through the Strait of Hormuz, with hormuzstraitmonitor.com reporting 25 ships moved through the waterway in the past day.In its weekly report, the Energy Information Administration reported U.S. commercial oil inventories rose by 5.6-milllion barrels last week, the first rise in 11 weeks. Analysts polled by Investing.com expected the agency to report a drop on 1.9-million barrels.

July WTI Crude Oil Contract Closes Up $3.08, or 4.4%; Settles at $73.52 per Barrel

Oil Rises More Than 5% as Iran-US Fighting Resumes, Trump Says Ceasefire Is Over

Oil prices surged early Wednesday as the U.S. and Iran traded attacks, with President Trump saying the ceasefire deal reached last month is over.West Texas Intermediate crude oil for August delivery was last seen up $3.65, or 5.1%, to $74.00 per barrel, the highest since June 18, while September Brent oil was up $3.92, or 5.3%, to $78.08.The rise comes as the U.S. renewed attacks on Iran on Tuesday following Iranian strikes on ships moving through the Strait of Hormuz. Trump told reporters at the NATO summit in Turkey the ceasefire agreement between the two countries is "over". The U.S. on Tuesday also re-imposed sanctions on Iranian oil exports that were lifted after the June 18 ceasefire deal."The latest rally followed US strikes on targets in Iran and Washington's decision to revoke a waiver allowing new sales of Iranian oil, in response to attacks on commercial shipping in the Strait of Hormuz. The escalation threatens fragile negotiations aimed at securing a permanent peace, with both sides accusing the other of violating the ceasefire," Ole Hansen, head of commodity strategy at Saxo Bank.Despite renewed fighting, ships trapped in the Persian Gulf since the start of the war have continued to move through the Strait of Hormuz, with hormuzstraitmonitor.com reporting 25 ships moved through the waterway in the past day.

Update: WTI Oil Rises Following Iranian Attacks on Ships in the Strait of Hormuz

(Updates prices in the second paragraph)West Texas Intermediate (WTI) crude oil rose on Tuesday following Iranian attacks on ships moving through the Strait of Hormuz.WTI crude oil for August delivery closed up 2.8% to settle at $70.44 per barrel, while September Brent oil was last seen up 3.1% to $74.25.The rise follows reports that Iran fired on two ships in Omani waters near the Strait of Hormuz. The Wall Street Journal reported that Iran's Revolutionary Guard Corps fired missiles at the vessels, striking an LNG carrier and threatening to reignite fighting that could imperil the ceasefire deal reached last month between the U.S. and Iran.The attacks threaten to keep ships that have been trapped in the Persian Gulf since the Feb. 28 start of the war on Iran from leaving the region. The ceasefire had allowed 27 ships to move through the Strait in the last day, according to hormuzstraitmonitor.com, leaving 340 vessels still waiting to exit the Strait.Still, oil prices have returned to near pre-war levels as ships have moved through the Strait since the June 17 ceasefire agreement between the two countries, easing the largest-ever supply shock and rebuilding depleted inventories in Asian nations that depend on Persian Gulf supply."Oil prices and especially LNG rose after a Qatari LNG ship was struck by a projectile near the Omani coast as it exited the Strait of Hormuz, raising unease among shipowners while once again testing a US-Iran agreement intended to halt attacks and keep the narrow strait open," Saxo Bank wrote.

WTI Crude Oil Closes Up 2.8%; Settles at $70.44 per Barrel

Update: Oil Steady at Prewar Levels as Ships Continue to Moving Through Strait of Hormuz

(Updates prices in the second paragraph.)Oil prices were mostly steady midafternoon Friday, hovering near four-month lows on expectations that the U.S. and Iran will reach a peace agreement and continue to free up ships trapped in the Persian Gulf.West Texas Intermediate crude oil for August delivery was last seen up $0.09 to $68.78 per barrel in light electronic trading, with US markets closed ahead of the July 4 Independence Day holiday. September Brent crude was up 0.5% at $72.12.The decline comes as a ceasefire agreement reached last month between Iran and the U.S. continues to hold, while the two sides hold peace talks in Qatar.The ceasefire is allowing ships trapped within the Persian Gulf since the Feb. 28 start to the war to begin transiting the Strait of Hormuz, ending the largest-ever supply shock. Hormuzstraitmonitor.com reported 27 ships moved through the Strait in the past day, including tankers carrying 3.3-million barrels of oil, easing prices that rose to four-month highs during the conflict."Brent trades near unchanged on the week, having returned to pre-war levels, with support emerging ahead of USD 70. This may signal that the ongoing recovery in supply flows through the Strait of Hormuz is now largely priced in, while US-Iran talks continue with several issues still unresolved. Following the initial wall of supply attention may turn to efforts to re-build strategic and commercial reserves which in the coming months should boost demand beyond what's needed for consumption," Saxo Bank noted.

Oil Steady at Prewar Levels as Ships Continue to Moving Through Strait of Hormuz

Oil prices eased early Friday, hovering near four-month lows on expectations that the U.S. and Iran will reach a peace agreement and continue to free up ships trapped in the Persian Gulf.West Texas Intermediate crude oil for August delivery was last seen down 0.4% at $68.39 per barrel, its lowest level since Feb. 27, in light electronic trading, with U.S. markets closed ahead of the July 4 Independence Day holiday. September Brent crude was down 0.2% at $71.66.The decline comes as a ceasefire agreement reached last month between Iran and the U.S. continues to hold, while the two sides hold peace talks in Qatar.The ceasefire is allowing ships trapped within the Persian Gulf since the Feb. 28 start to the war to begin transiting the Strait of Hormuz, ending the largest-ever supply shock. Hormuzstraitmonitor.com reported 27 ships moved through the Strait in the past day, including tankers carrying 3.3-million barrels of oil, easing prices that rose to four-month highs during the conflict."Brent trades near unchanged on the week, having returned to pre-war levels, with support emerging ahead of USD 70. This may signal that the ongoing recovery in supply flows through the Strait of Hormuz is now largely priced in, while US-Iran talks continue with several issues still unresolved. Following the initial wall of supply attention may turn to efforts to re-build strategic and commercial reserves which in the coming months should boost demand beyond what's needed for consumption," Saxo Bank noted.

Update: WTI Oil Edges Higher Even as Hormuz Shipping Recovers, Iran Talks Ease Supply Concerns

(Updated prices in the second paragraph)West Texas Intermediate (WTI) crude oil edged higher on Thursday, even as supply concerns continue to ease with tankers stranded in the Persian Gulf since the start of the Iran war resuming transit through the Strait of Hormuz.WTI crude oil for August delivery closed up 0.2% to settle at $68.69 per barrel, while September Brent oil was last seen up 0.2% to $71.68.The rise comes even as ships continued to pass through the Strait of Hormuz, easing supply disruptions caused by the conflict. According to HormuzStraitMonitor.co, five ships transited the strait over the past day, leaving about 380 vessels still waiting in the queue.Peace talks between the US and Iran are said to be advancing, with the Wall Street Journal reporting indirect talks between the nations are progressing well,U.S. inventories continued to fall last week, with the Energy Information Administration on Wednesday said commercial crude oil inventories and releases from the Strategic Oil Reserve dropped by a combined 13.1-million barrels last week.

July WTI Crude Oil Contract Closes Up 0.2%; Settles at US$68.69 per Barrel

Oil Falls to Four-Month Low as Hormuz Shipping Recovers, Iran Talks Ease Supply Concerns

Oil traded at a four-month low early Thursday, falling for a third straight session as supply concerns continued to ease with tankers stranded in the Persian Gulf since the start of the Iran war resuming transit through the Strait of Hormuz.West Texas Intermediate crude oil for August delivery was last seen down 1.9% to $67.92 per barrel, the lowest since Feb. 27, while September Brent oil was down 1.7% to $70.37.The decline came as ships continued to pass through the Strait of Hormuz, easing supply disruptions caused by the conflict. According to HormuzStraitMonitor.co, five ships transited the strait over the past day, leaving about 380 vessels still waiting in the queue.Peace talks between the US and Iran are said to be advancing, with the Wall Street Journal reporting indirect talks between the nations are progressing well,"Brent extended its slide towards USD 70 and pre-war levels as flows through the Strait of Hormuz continued to recover, while signs of progress in indirect US-Iran talks further eased supply concerns. Combined with ongoing releases from the Strategic Petroleum Reserve and demand that has been curtailed by recent high prices, the market remains exposed to a short-term supply glut despite the broader market remaining relatively tight," Saxo Bank noted.U.S. inventories continued to fall last week, with the Energy Information Administration on Wednesday said commercial crude oil inventories and releases from the Strategic Oil Reserve dropped by a combined 13.1-million barrels last week.

Update: WTI Oil Closes Lower as Ships Continue to Move Through Strait of Hormuz

West Texas Intermediate (WTI) crude oil closed lower on Tuesday, as shipping through the Strait of Hormuz continues to free up previously trapped barrels.WTI crude for August delivery closed down 1.8% to $69.50 per barrel, while August Brent crude was last seen down 0.3% to $72.92.The drop comes as the United States and Iran hold talks in Qatar aimed at reaching a peace agreement to end the four-month conflict that has disrupted shipping through the Strait of Hormuz, the chokepoint for about one-fifth of the world's seaborne oil trade.Tankers stranded in the Persian Gulf have resumed transiting the Strait after a pause following renewed US and Iranian strikes over the weekend. The New York Times reported that 40 ships exited the Gulf on Monday, citing data from tracking firm Kpler, up from 24 on Sunday.The resumption of shipping through the Strait has pushed down prices by 23% over the past month and by 30% since the end of the first quarter, the largest drop since 2020."Oil prices traded within a relatively tight range near recent lows while remaining on track for their biggest quarterly decline since the pandemic. Flows through the Strait of Hormuz continue to accelerate, prompting warnings from Morgan Stanley that the release of previously stranded barrels could create a near-term supply glut and put additional downward pressure on prices," Saxo Bank wrote.

August WTI Crude Oil Contract Closes Down 1.8%; Settles at $69.50 per Barrel

Oil Edges Higher Even as Ships Continue to Move Through Strait of Hormuz

Oil edged higher early on Tuesday, extending gains for a second straight session even as shipping through the Strait of Hormuz continues to free up previously trapped barrels.West Texas Intermediate crude for August delivery was last up 0.6% at $71.17 a barrel, while August Brent crude rose 0.3% to $73.31 a barrel.The gains came as the United States and Iran held talks in Qatar aimed at reaching a peace agreement to end the four-month conflict that has disrupted shipping through the Strait of Hormuz, the chokepoint for about one-fifth of the world's seaborne oil trade.Tankers stranded in the Persian Gulf have resumed transiting the Strait after a pause following renewed US and Iranian strikes over the weekend. The New York Times reported that 40 ships exited the Gulf on Monday, citing data from tracking firm Kpler, up from 24 on Sunday.The resumption of shipping through the Strait has pushed down prices by 23% over the past month and by 30% since the end of the first quarter, the largest drop since 2020."Oil prices traded within a relatively tight range near recent lows while remaining on track for their biggest quarterly decline since the pandemic. Flows through the Strait of Hormuz continue to accelerate, prompting warnings from Morgan Stanley that the release of previously stranded barrels could create a near-term supply glut and put additional downward pressure on prices," Saxo Bank wrote.

Update: WTI Oil Rises as Traders Weigh US-Iran Ceasefire, Strait of Hormuz Disruptions

(Updates prices in the second paragraph.)West Texas Intermediate (WTI) crude oil closed higher on Monday after the U.S. and Iran agreed to halt the weekend strikes that had threatened their ceasefire.WTI crude oil for August delivery closed up 2.2% to settle at $70.75 per barrel, while August Brent oil was last seen up 1.4% to $73.03.Tanker traffic through the Strait of Hormuz slowed after Iran and the U.S. traded missile strikes on the weekend, renewing hostilities after Iran on Thursday attacked a ship. According to the Wall Street Journal, the two countries agreed to end fighting on Monday with peace talks expected to resume on Tuesday."Early gains faded after the two sides agreed to halt attacks, allowing vessels to move freely ahead of peace talks set to resume later this week. As European trading gets underway, Brent is little changed around USD 72. Iran's foreign minister reiterated that Tehran retains exclusive authority over traffic through the Strait of Hormuz under the preliminary peace agreement, leaving the risk of renewed supply disruptions elevated," Saxo Bank noted.Shipping through the Strait of Hormuz has slowed. The hormuzstraitmonitor.com on Friday reported 62 ships passed through the Strait that handled 20% of daily oil demand prior to the Feb. 28 start to the war. The website said only five ships have moved through the waterway in the past 24 hours, with 167 tankers waiting in the queue.