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Oil Trading Sharply Lower as Middle East Fighting Calms, Reviving Peace Hopes

Oil traded sharply lower early on Monday as the US and Iran paused fighting over the weekend, reviving hopes the pair will reach a peace deal.West Texas Intermediate crude oil for September delivery was last seen down $5.24. or 5.9%, to $84.07 per barrel, while September Brent oil, was down $6.25, or 6.5%, to $90.53.The drop comes as the US and Iran paused fighting over the weekend, with US officials on the weekend saying talks are continuing, raising hopes the two countries will be able to reach a deal to end the war that is about to enter its sixth month."Brent crude fell as much as 7.4% at Monday's open, briefly dipping below 90 dollars a barrel, and was trading near 88 into the European morning; WTI fell about 5% to around 85. The move reverses part of last week's surge that briefly took Brent above 100 dollars, a level last seen in late May," Saxo Bank noted.

September WTI Crude Oil Contract Closes Down $2.88, or 3.1%; Settles at $89.31 per Barrel

Oil Falls Off a Six-Week High Even as Middle East Fighting Continues

Oil prices retreated from six-week highs early on Friday even as Middle East fighting continues, with Iran and the US continuing attacks and Houthi militants threatening shipping in the Red Sea.West Texas Intermediate crude oil for September delivery was last down $2.60, or 2.8%, to $89.59 per barrel, while September Brent oil was down $3.12, or 3.1%, to $97.57.The drop comes even as conflict continues to block exports from the Persian Gulf producers who supplied 20% of daily oil demand prior to the Feb. 28 start to the war on Iran. The US continued attacks on Iran, with the Guardian reporting President Donald Trump may heighten strikes, saying he is considering "a massive attack" on the country.As well, Houthi militants on Thursday attacked ships in the Red Sea carrying Saudi crude, threatening to shut in shipments through the sea, adding to the supply shock that followed Iran's closure of the Strait of Hormuz at the start of the war.Only 15 ships have moved through the Strait in the past day, according to hormuzstraitmonitor.com, 17% of prewar traffic, while Reuters reported shipping through the Bab el-Mandeb Strait, where the Red Sea joins the Indian Ocean, fell to two ships on Thursday, down from 32 a day earlier.Drone attacks on ships in the Black Sea loading oil from the Caspian Pipeline Consortium is further cutting into supply."Crude oil closed above 100 dollars a barrel for the first time since May (on Thursday), with Brent up about 7% to 100.69 and WTI near 92, leaving oil up roughly 38% this month. The bid reflects Houthi attacks on Red Sea tankers, President Trump's threat of a 'massive attack' on Iran, and strikes on the Caspian Pipeline Consortium terminal that handles most Kazakh crude," Saxo Bank wrote.

Update: WTI Oil Jumps as US-Iran Conflict, Houthi Attacks Escalate Supply Fears

(Updates prices in the second paragraph.)West Texas Intermediate (WTI) crude oil closed sharply higher on Thursday, rising for a fifth straight day as fighting between the US and Iran continued and Yemen's Houthi militants widened the Middle East conflict by attacking two tankers carrying Saudi oil in the Red Sea.WTI crude oil for September delivery up $5.36, or 6.2%, to settle at $92.19 per barrel, its highest level since June 4, while September Brent crude was last seen up $7.16, or 7.6%, at $101.23.The gains came as continued fighting in the Middle East heightened supply risks. The conflict between the US and Iran entered a 12th day, with reports that Iran launched strikes on targets in Kuwait while the US continued attacking Iranian facilities.The fighting has blocked most shipping through the Strait of Hormuz, the chokepoint for exports from Persian Gulf countries that supplied about 20% of global daily oil demand before the war began. Only 14 ships moved through the strait over the past day, according to hormuzstraitmonitor.com, leaving 440 vessels waiting to transit the waterway.Yemen's Houthis also attacked two tankers carrying Saudi oil exports in the Red Sea, further heightening supply concerns as the militants sought to disrupt Middle East exports."Crude oil extended its rally, with Brent rising as much as 2.5% to almost 96.50 dollars a barrel, its highest since early June, after Iran-backed Houthi militants struck two Saudi tankers in the Red Sea. WTI traded toward 88 dollars, leaving oil up close to 30% this month. The bid reflects the US-Iran conflict, the Houthi threat to Red Sea shipping through the Bab el-Mandeb Strait, and Tehran's dismissal of peace talks," Saxo Bank wrote.

September WTI Crude Oil Contract Closes Up $5.36, or 6.2%; Settles at $92.19 per Barrel

Oil Jumps as US-Iran Conflict, Houthi Attacks Escalate Supply Fears

Oil traded sharply higher early Thursday, rising for a fifth straight day as fighting between the US and Iran continued and Yemen's Houthi militants widened the Middle East conflict by attacking two tankers carrying Saudi oil in the Red Sea.West Texas Intermediate crude oil for September delivery was last seen up $3.73, or 4.3%, at $90.56 per barrel, its highest level since June 4, while September Brent crude rose $4.43, or 4.7%, to $98.50.The gains came as continued fighting in the Middle East heightened supply risks. The conflict between the US and Iran entered a 12th day, with reports that Iran launched strikes on targets in Kuwait while the US continued attacking Iranian facilities.The fighting has blocked most shipping through the Strait of Hormuz, the chokepoint for exports from Persian Gulf countries that supplied about 20% of global daily oil demand before the war began. Only 14 ships moved through the strait over the past day, according to hormuzstraitmonitor.com, leaving 440 vessels waiting to transit the waterway.Yemen's Houthis also attacked two tankers carrying Saudi oil exports in the Red Sea, further heightening supply concerns as the militants sought to disrupt Middle East exports."Crude oil extended its rally, with Brent rising as much as 2.5% to almost 96.50 dollars a barrel, its highest since early June, after Iran-backed Houthi militants struck two Saudi tankers in the Red Sea. WTI traded toward 88 dollars, leaving oil up close to 30% this month. The bid reflects the US-Iran conflict, the Houthi threat to Red Sea shipping through the Bab el-Mandeb Strait, and Tehran's dismissal of peace talks," Saxo Bank wrote.

Update: Oil Climbs to Six-Week High as US-Iran Conflict, Red Sea Threats Elevate Supply Fears

(Updates prices in the second paragraph and adds EIA data in the final parpagraph.)West Texas Intermediate (WTI) crude oil closed at a six-week high Wednesday as the US continued attacks on Iran, keeping the Strait of Hormuz closed, while Yemen's Houthi militants threatened to block Saudi oil exports in the Red Sea.WTI crude for September delivery closed up $2.49, or 3%, to settle at $86.83 per barrel, the highest level since June 11, while September Brent crude was last seen up $3.22, or 3.5%, to $94.23.The gains came as the escalating conflict between the US and Iran kept the Strait of Hormuz closed. The Guardian reported that US forces launched strikes on Iran for an 11th consecutive night, targeting aircraft hangars and drone storage facilities.The conflict has blocked the Strait of Hormuz, the chokepoint for about 20% of global oil consumption supplied by Persian Gulf nations before the war began on Feb. 28. Just 14 ships transited the waterway over the past day, according to hormuzstraitmonitor.com, leaving about 400 vessels, including 120 tankers, stranded in the Gulf.Yemen's Houthi militants added to the supply worries with a threat to block the Bab el-Mandeb Strait, the southern end to the Red Sea, to restrict Saudi exports through the sea.Oil's "move reflects the ongoing US-Iran conflict, now in its 11th day, a Houthi threat to Red Sea shipping, and production shut-ins as Tropical Storm Bertha moves through the Gulf of Mexico, which pushed the Mars crude premium to around $2 a barrel over WTI, its strongest since early June", Saxo Bank noted.In its weekly survey, the Energy Information Administration said US commercial oil inventories rose by 2.0-million barrels last week, while analysts polled by Reuters expected a 1.1-million barrel drop.

September WTI Crude Oil Contract Closes Up $2.49, or 3%; Settles at $86.83 per Barrel

Oil Climbs to Six-Week High as US-Iran Conflict, Red Sea Threats Elevate Supply Fears

Oil traded at a six-week high early Wednesday as the US continued attacks on Iran, keeping the Strait of Hormuz closed, while Yemen's Houthi militants threatened to block Saudi oil exports in the Red Sea.West Texas Intermediate crude for September delivery was last seen up $3.00, or 3.6%, at $87.34 per barrel, the highest level since June 10, while September Brent crude rose $3.41, or 3.8%, to $94.92.The gains came as the escalating conflict between the US and Iran kept the Strait of Hormuz closed. The Guardian reported that US forces launched strikes on Iran for an 11th consecutive night, targeting aircraft hangars and drone storage facilities.The conflict has blocked the Strait of Hormuz, the chokepoint for about 20% of global oil consumption supplied by Persian Gulf nations before the war began on Feb. 28. Just 14 ships transited the waterway over the past day, according to hormuzstraitmonitor.com, leaving about 400 vessels, including 120 tankers, stranded in the Gulf.Yemen's Houthi militants added to the supply worries with a threat to block the Bab el-Mandeb Strait, the southern end to the Red Sea, to restrict Saudi exports through the sea.Oil's "move reflects the ongoing US-Iran conflict, now in its 11th day, a Houthi threat to Red Sea shipping, and production shut-ins as Tropical Storm Bertha moves through the Gulf of Mexico, which pushed the Mars crude premium to around $2 a barrel over WTI, its strongest since early June", Saxo Bank noted.In its weekly survey, the American Petroleum Institute reported US oil inventories rose by 2.6-million barrels last week, while the consensus estimate expected a drop of 1.5-million barrels, according to Investing.com. The Energy Information Administration will release official storage data later on Wednesday morning.