$CLQ6

August WTI Crude Oil Contract Closes Up 2.2%; Settles at $70.75 per Barrel

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

Oil edged higher early Monday but retreated from overnight highs after the U.S. and Iran agreed to halt strikes that had threatened their ceasefire.West Texas Intermediate crude oil for August delivery was last seen up US$0.72 to US$69.95 per barrel after rising to US$70.97 overnight, while August Brent oil was up US$0.28 to US$72.27.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.

Update: WTI Oil Hits a Four-Month Low as Strait of Hormuz Shipping Resumes

West Texas Intermediate (WTI) crude oil closed at a four-month low on Friday as ships resumed moving through the Strait of Hormuz, easing concerns over supply disruptions in the Persian Gulf following the outbreak of the Iran conflict on Feb. 28.WTI crude oil for August delivery closed down 3.7% to settle at US$69.23 per barrel, the lowest since Feb. 27, while August Brent crude was last seen down 4.3% to US$72.03l.The decline came after shipping through the Strait of Hormuz resumed, a day after reports that Iran had attacked a vessel transiting the waterway in Omani waters. The incident prompted the International Maritime Organization to suspend an evacuation plan for ships stranded in the Persian Gulf.However ships are again moving through the Strait, with hormuzstraitmonitor.com reporting 62 ships have moved out of the Gulf in the past day, easing the largest ever energy supply shock that began when Iran blocked the international waterway at the start of the war."Oil resumed its decline after tanker transits through the Strait of Hormuz accelerated, following a brief rebound on Thursday when a container ship was struck by an unknown projectile off the coast of Oman. The mini tsunami of released barrels is weighing on the front end of the futures curve," Saxo Bank noted.

August WTI Crude Oil Contract Closes Down 3.7% to US$69.23 per Barrel

Oil Hits Four-Month Low as Strait of Hormuz Shipping Resumes

Oil traded at a four-month low early Friday as ships resumed moving through the Strait of Hormuz, easing concerns over supply disruptions in the Persian Gulf following the outbreak of the Iran conflict on Feb. 28.West Texas Intermediate crude oil for August delivery was last seen down 2.4% at US$70.22 per barrel, the lowest since Feb. 27, while August Brent crude fell 2.7% to US$73.20 per barrel.The decline came after shipping through the Strait of Hormuz resumed, a day after reports that Iran had attacked a vessel transiting the waterway in Omani waters. The incident prompted the International Maritime Organization to suspend an evacuation plan for ships stranded in the Persian Gulf.However ships are again moving through the Strait, with hormuzstraitmonitor.com reporting 62 ships have moved out of the Gulf in the past day, easing the largest ever energy supply shock that began when Iran blocked the international waterway at the start of the war."Oil resumed its decline after tanker transits through the Strait of Hormuz accelerated, following a brief rebound on Thursday when a container ship was struck by an unknown projectile off the coast of Oman. The mini tsunami of released barrels is weighing on the front end of the futures curve," Saxo Bank noted.

Update: WTI Rises as Shipping Through the Strait of Hormuz Suspended

West Texas Intermediate (WTI) crude oil closed higher on Thursday, rising off a four-month low after reports a cargo ship was attacked near Oman, raising safety worries that could again keep ships trapped in the Persian Gulf.WTI crude oil for August delivery close up 2.3% to settle at US$71.92 per barrel after earlier touching US$68.90, August Brent oil was last seen up 2.1% to US$72.28.UK Maritime Trade Operations on Thursday said the International Maritime Organization is suspending traffic through the Strait of Hormuz following reports a cargo vessel in the Strait was attacked. There was no indication when the Strait will be reopened.U.S. Energy Secretary Chris Wright on Wednesday told a conference that ships carrying 20-million barrels of oil had transited the Strait since the Iran and the U.S. declared a 60-day ceasefire last week, raising supply form Gulf producers, including Iran, which has been freed from the U.S. sanctions.The eventual return of Gulf supply is expected to normalize markets after the war produced the largest-ever oil supply shock and depleted global inventories, returning the focus to waning demand amid the energy transition."The reopening of the Strait of Hormuz has created a short-term wave of supply, pushing prices back toward levels that may prove difficult to sustain once the backlog of stranded barrels has cleared and releases from strategic reserves are scaled back. Longer term, however, slower demand growth driven by electrification and fuel switching may continue to cap upside potential," Saxo Bank noted.

August WTI Crude Oil Contract Closes Up 2.3%; Settles at US$71.92 per Barrel

Oil Falls Again on Rising Supply as Tankers Continue to Leave the Persian Gulf

Oil traded at a fresh four-month low early on Thursday, returning to pre-war levels as tankers continue to leave the Persian Gulf following the reopening of the Strait of Hormuz.West Texas Intermediate crude oil for August delivery was last seen down 0.7% to US$69.54 per barrel, the lowest since Feb. 27, the day before the U.S. and Israel launched their war on Iran, while August Brent oil was down 0.8% to US$73.13.U.S. Energy Secretary Chris Wright on Wednesday told a conference that ships carrying 20-million barrels of oil had transited the Strait since the two countries declared a 60-day ceasefire last week, raising supply form Gulf producers, including Iran, which has been freed from the U.S. sanctions.The return of Gulf supply is expected to normalize markets after the war produced the largest-ever oil supply shock and depleted global inventories, returning the focus to waning demand amid the energy transition."The reopening of the Strait of Hormuz has created a short-term wave of supply, pushing prices back toward levels that may prove difficult to sustain once the backlog of stranded barrels has cleared and releases from strategic reserves are scaled back. Longer term, however, slower demand growth driven by electrification and fuel switching may continue to cap upside potential," Saxo Bank noted.

Update: WTI Oil Falls to Prewar Levels as Trapped Tankers Begin Leaving Persian Gulf

(Updates prices in the second paragraph and adds the latest US inventory data in the final paragraph.)West Texas Intermediate (WTI) crude oil fell for a fourth straight session on Wednesday as tankers trapped in the Persian Gulf due to the U.S-Iran war continued to move through the Strait of HormuzWTI crude oil for August delivery closed 4.9% lower to settle at US$70.34 per barrel, the lowest since Feb. 27, while August Brent oil was last seen down 4.4% to US$73.71.The International Marine Organization on Tuesday launched an evacuation plan for ships that have been trapped in the Gulf in cooperation with Iran, Oman and other Persian Gulf coastal states region, the US and the maritime industry, with ships being notified of their place in the queue.Sanctions on Iran have been lifted by the US, freeing full production from OPEC's No.3 oil producer and reassuring traders that the largest-ever supply shock is ending as output from the Persian Gulf nations that supplied a fifth of the world's energy demand begin to return to market."The market is increasingly pricing a steady return of stranded supply following one of the most severe disruptions in recent history," Saxo Bank said. "UAE exports have already recovered to around 85% of pre-war levels, adding to expectations of improving supply availability in the weeks ahead."Still, US inventories continue to fall.The Energy Information Administration said domestic commercial oil inventories fell by 6.1 million barrels last week, leaving stocks 7% below the five-year average, while the Strategic Petroleum Reserve fell by 9.1 million barrels.

Oil Falls to Pre-War Lows as Trapped Tankers Begin Leaving the Persian Gulf

Oil prices continued to fall early on Wednesday, dropping for a fourth-straight session as tankers trapped in the Persian Gulf due to the U.S-Iran war continue to move through the Strait of Hormuz, while the drop in U.S. inventories eased last week.West Texas Intermediate crude oil for August delivery was last seen down 2.9% to US$71.06 per barrel, the lowest since the war began on Feb. 28, while August Brent oil was down 3% to US$74.78.The International Marine Organization on Tuesday launched an evacuation plan for ships that have been trapped in the Gulf in cooperation with Iran, Oman and other Persian Gulf coastal states region, the U.S. and the maritime industry, with ships being notified of their place in the queue.As well, sanctions on Iran have been lifted by the US, freeing up full production from OPEC's number three oil producer and reassuring traders that the largest-ever supply shock has come to an end as output from the Persian Gulf nations that supplied a fifth of the world's energy demand return to market."The market is increasingly pricing a steady return of stranded supply following one of the most severe disruptions in recent history. UAE exports have already recovered to around 85% of pre-war levels, adding to expectations of improving supply availability in the weeks ahead," Saxo Bank noted.The fall in U.S. oil inventories is also slowing, with the American Petroleum Institute on Tuesday reporting stocks dipped by just 0.77-million barrels last week, down from a fall of 8.33-million barrels a week prior and the tenth-straight weekly drop. The Energy Information Administration will release official inventory data later on Wednesday morning.

Update: WTI Oil Falls to a Near Four-Month Low as Tankers Begin to Move Through the Strait of Hormuz

(Updates oil prices in the second paragraph and details the evacuation plan for the Strait of Hormuz in paragraphs four and five.)West Texas Intermediate (WTI) oil closed lower Tuesday, falling for a third session as tankers begin moving through the Strait of Hormuz amid continued peace talks between the US and Iran.WTI crude oil for August delivery closed 0.9% lower to settle at US$73.21 per barrel, the lowest since March 2, while August Brent oil was last down 1.1% to US$77.08.The United States on Monday granted Iran a 60-day sanctions waiver, boosting the county's oil exports, while ships trapped in the Persian Gulf since the Feb. 28 start to the war began moving through the Strait of Hormuz.The International Marine Organization (IMO) on Tuesday launched an evacuation plan for ships that have been trapped in the Gulf in cooperation with Iran, Oman and other Persian Gulf coastal states region, the United States and the maritime industry, with ships being notified of their place in the queue."After months of hardship and distress for thousands of innocent seafarers, and negative impact for the whole world, I welcome with deep satisfaction the peace agreement concluded between the United States and Iran, marking a decisive step towards restoring maritime security and bringing to an end the unacceptable attacks against civilian shipping," IMO Secretary-General Mr. Arsenio Dominguez said in a statement.

Oil Falls to the to a a Near Four-Month Low as Tankers Begin to Move Through the Strait of Hormuz

Oil edged down early Tuesday, falling for a third session as tankers begin moving through the Strait of Hormuz after the US and Iran continue peace talks and the US gave Iran a 60-day export-sanctions waiver.West Texas Intermediate crude oil for August delivery was last seen down US$0.48 to US$73.38 per barrel, the lowest since March 2, while August Brent oil was down US$0.54 to US$77.36.The US on Monday granted Iran a 60-day sanctions waiver, freeing up the county's oil exports, while ships trapped in the Persian Gulf since the Feb. 28 start to the war began moving through the Strait of Hormuz. The New York Times reported 109 ships have moved through the Strait since the weekend agreement between the two countries."Brent crude trades near USD 77.50 and is lower for a second day as US-Iran talks continue. Additional pressure followed the US decision to issue a 60-day sanctions waiver, allowing limited sales of Iranian crude and refined products. The move should facilitate the export of some of the estimated 30 million barrels that left Iranian ports last week. Meanwhile, shipping data showed millions of barrels of crude and fuel products transited the Strait of Hormuz over the weekend, reinforcing expectations of improving regional supply flows," Saxo Bank noted.