$LCON6

June WTI Crude Oil Contract Closes Down US$0.89; Settles at US$107.77 per Barrel

Oil Trading Lower as Trump Extends U.S. Ceasefire on Iran

Oil prices eased early Tuesday after the United States extended a ceasefire with Iran, in favor of continuing peace talks with the country.West Texas Intermediate crude oil for June delivery was last seen down $0.37 to US$108.29, falling off the highest since April 7. July Brent oil was last seen down $1.66 to US$110.44.The Wall Street Journal cited U.S. President Trump saying the U.S. agreed to hold off fresh attacks on Iran at the request of Persian Gulf nations and will continue to look for negotiations to end the war that has blocked 20% of daily oil demand shipped through the blockaded Strait of Hormuz."The President, at the request of several Gulf states, suspended a planned Tuesday attack, allowing what he described as "serious negotiations" to continue. No ships have reportedly left Iran's main export terminal during the past 10 days, potentially increasing the prospects for a deal. Overall, traffic through the Strait of Hormuz remains only a fraction of pre-war levels, despite the waterway accounting for roughly one-fifth of global oil supply," Saxo Bank noted.Oil has gained 62% since Feb. 28, when the U.S, and Israel launched their war on Iran, which responded by blocking the Strait, shutting off exports of oil and raising refined-product prices ahead next weekend's Memorial Day holiday in the United States, which launches the high-demand summer driving season."The likely path forward this summer is a steady draw down in jet fuel, diesel and gasoline," Bjarne Schieldrop, chief analyst commodities at SEB Research, wrote.

NY Crude Up 3.4% at US$104.60 and Brent Crude Up 2.75% at Near US$108.60

Brent Crude Up 3.25% at Near US$109.20

Update: WTI Oil Edges Up Despite Reports Iran is Allowing Chinese Ships to Move Through the Strait of Hormuz

West Texas Intermediate (WTI) crude oil edged higher on Thursday despite reports Iran is allowing Chinese ships to transit the Strait of Hormuz.WTI crude oil for June delivery closed up US$0.15 to settle at US$101.17 per barrel, while July Brent oil was last seen up US$0.10 to US$105.73.The rise follows a Reuters report, citing Iranian state media, that Iran is allowing Chinese ships to move through the blocked Strait of Hormuz, and have allowed 30 vessels to move through the Strait "in recent hours".Iran closed the Strait to most traffic at the Feb. 28 start to the war launched by the United States and Israel, stranding hundreds of ships in the Persian Gulf and blocking 20% of daily oil demand supplied by regional nations.The blockade of the Strait has pushed oil prices up by half since the start of the war. leaving Asian nations scrambling for physical supply and boosting inflation, raising concerns central banks will need to raise interest rates to cut demand. The United States this week reported wholesale and consumer prices surged last month, heightening concerns of higher rates, though the CME FedWatch Tool sees a 97.5% probability the Federal Reserve will leave rates unchanged during the June 17 meeting of its policy committee.Iran's control of the Strait is a key focus of the summit meeting underway between Chinese President Xi Jinping and U.S. President Trump in Beijing. The Wall Street Journal reported the pair agreed the Strait should remain an international waterway and Iran should not be allowed to extract payments from ships passing through the Strait.

June WTI Crude Oil Contract Closes Up US$0.15; Settles at US$101.17 per Barrel

Oil Trading Lower After Reports Iran is Allowing Chinese Ships to Move Through the Strait of Hormuz

Oil moved lower early on Thursday following reports Iran is allowing Chinese ships to transit the Strait of Hormuz.West Texas Intermediate crude oil for June delivery was last seen down US$1.48 to US$99.54 per barrel, while July Brent oil was down US$1.68 to US$103.95.The drop followed a Reuters report, citing Iranian state media, that Iran is allowing Chinese ships to move through the blocked Strait of Hormuz, and have allowed 30 vessels to move through the Strait "in recent hours".Iran closed the Strait to most traffic at the Feb. 28 start to the war launched by the United States and Israel, stranding hundreds of ships in the Persian Gulf and blocking 20% of daily oil demand supply by regional nations.The blockade of the Strait has pushed oil prices up by half since the start of the war. leaving Asian nations scrambling for physical supply and boosting inflation, raising concerns central banks will need to raise interest rates to cut demand. The United States this week reported wholesale and consumer prices surged last month, heightening concerns of higher rates, though the CME FedWatch Tool sees a 97.5% probability the Federal Reserve will leave rates unchanged during the June 17 meeting of its policy committee.Iran's control of the Strait is a key focus of the summit meeting underway between Chinese President Xi Jinping and U.S. President Trump in Beijing. The Wall Street Journal reported the pair agreed the Strait should remain an international waterway and Iran should not be allowed to extract payments from ships passing through the Strait.

Update: WTI Crude Oil Falls as the IEA Sees Global Inventories Dropping at a Record Pace

West Texas Intermediate (WTI) crude oil closed lower on Wednesday but stuck above US$100 as the loss of Persian Gulf supply since the start of the war on Iran cuts into stocks, with the International Energy Agency (IEA) reporting a a record draw down in inventories since the conflict began.WTI crude oil for June delivery closed down US$1.02 to settle US$101.02 per barrel, while July Brent oil was last seen down US$1.98 to US$105.79.Oil prices have climbed by more than half since the United States and Israel launched their war on Iran on Feb. 28. Iran responded by closing the Strait of Hormuz, trapping in 20% of daily oil supply produced by Persian Gulf nations.In its closely watched monthly Oil Market Report, the IEA said the loss of Persian Gulf supply is depleting global inventories at a record pace."With Hormuz tanker traffic still restricted, cumulative supply losses from Gulf producers already exceed 1 billion barrels with more than 14 mb/d of oil now shut in, an unprecedented supply shock," the agency said.The IEA said the supply disruption and high prices will cut into demand, expecting a global demand drop of 420,000 barrels per day this year to 104-million bpd, down 1.3-million bpd from its pre-war forecast.Inventories fell by 129-million bpd in March and by 117-million bpd in April, though rising output from producers outside of the Gulf is helping to ease the supply shock."2026 supply growth expectations from the Americas have been revised up by more than 600 kb/d since the start of the year, to 1.5 mb/d on average. Moreover, Atlantic Basin crude oil exports, now heading primarily to hard-hit East of Suez markets, have increased by 3.5 mb/d since February, with notable gains from the United States, Brazil, Canada, Kazakhstan and Venezuela," the IEA noted.In its weekly survey, the Energy Information Administration reported U.S. commercial oil inventories fell by 4.3-million barrels last week, while the consensus estimate among analysts polled by Reuters expected a drop of 2.9-million barrels.

June WTI Crude Oil Contract Closes Down US$1.16; Settles at US$101.02 per Barrel

Oil Edges Lower Early as the IEA Sees Global Inventories Dropping at a Record Pace

Oil prices edged lower early on Wednesday but are sticking above US$100 as the loss of Persian Gulf supply since the start of the war on Iran cuts into stocks, with the International Energy Agency (IEA) reporting a a record draw down in inventories since the conflict began.West Texas Intermediate crude oil for June delivery was last seen down US$0.37 to US$101.81 per barrel, while July Brent oil was down US$0.10 to US$107.67.Oil prices have climbed by more than half since the United States and Israel launched their war on Iran on Feb. 28. Iran responded by closing the Strait of Hormuz, trapping in 20% of daily oil supply produced by Persian Gulf nations.In its closely watched monthly Oil Market Report, the IEA said the loss of Persian Gulf supply is depleting global inventories at a record pace."With Hormuz tanker traffic still restricted, cumulative supply losses from Gulf producers already exceed 1 billion barrels with more than 14 mb/d of oil now shut in, an unprecedented supply shock," the agency said.The IEA said the supply disruption and high prices will cut into demand, expecting a global demand drop of 420,000 barrels per day this year to 104 million bpd, down 1.3-million bpd from its pre-war forecast.Inventories fell by 129-million bpd in March and by 117-million bpd in April, though rising output from producers outside of the Gulf is helping to ease the supply shock."2026 supply growth expectations from the Americas have been revised up by more than 600 kb/d since the start of the year, to 1.5 mb/d on average. Moreover, Atlantic Basin crude oil exports, now heading primarily to hard-hit East of Suez markets, have increased by 3.5 mb/d since February, with notable gains from the United States, Brazil, Canada, Kazakhstan and Venezuela," the IEA noted.

Update: WTI Oil Rises Again as the Shaky U.S.-Iran Ceasefire Continues to Block Persian Gulf Supply

(Updates prices and adds detail from the EIA's Short-Term Energy Outlook in the final two paragraphs.)West Texas Intermediate (WTI) crude oil oil closed higher a third session early on Tuesday as a faltering ceasefire between the United States and Iran keeps the Strait of Hormuz closed, continuing the largest-ever energy supply shock.WTI oil for June delivery closed up US$4.11 to settle at US$102.18 per barrel, while July Brent oil was last seen up US$3.60 to US$107.81.The rise comes as a shaky ceasefire in the war on Iran threatens to end, with U.S. President Trump on Monday saying it was on "massive life support" after Iran rejected a U.S. peace plan and Trump rejected Iran's response.The lack of a deal continues Iran's blockade of the Strait of Hormuz, blocking exports from Persian Gulf nations that accounted for 20% of daily oil demand. Oil prices have climbed by nearly half since the Feb. 28 start to the war, with stalemate between the warring nations offering no quick relief to countries searching for alternative supply."Oil prices climbed ... as the global oil market continued to tighten amid limited prospects for a reopening of the Strait of Hormuz. The move followed Trump casting doubt over a ceasefire with Israel signalling the war is not over," Saxo Bank wrote.In its influential monthly Short-Term Energy Outlook released Tuesday, the Energy Information Administration reported Iraq, Saudi Arabia, Kuwait, the UAE, Qatar, and Bahrain have together shut in 10.5-million barrels per day of oil production due the the closure of the Strait, while global inventories fall amid the lack of supply."The Brent crude oil spot price increased sharply in April, reaching a high of $138 per barrel (b) on April 7 and averaging $117/b for the month, as the de facto closure of the Strait of Hormuz tightened global oil supplies. We expect global oil inventories will fall by an average of 8.5 million b/d in the second quarter of 2026 (2Q26), keeping Brent prices around $106/b in May and June. As oil production in the Middle East rises, we expect crude oil prices to fall, dropping to an average of $89/b in 4Q26 and $79/b in 2027," the agency said.

June WTI Crude Oil Contract Closes Up US$4.11; Settles at US$102.18 per Barrel

Oil Rises Again as the Shaky U.S.-Iran Ceasefire Continues to Block Persian Gulf Supply

Oil prices rose for a third session early on Tuesday as a faltering ceasefire between the United States and Iran keeps the Strait of Hormuz closed, continuing the largest-ever energy supply shock.West Texas Intermediate crude oil for June delivery was last seen up US$3.23 to US$101.30 per barrel, while July Brent oil was up US$3.32 to US$107.53.The rise comes as a shaky ceasefire in the war on Iran threatens to end, with U.S. President Trump on Monday saying it was on "massive life support" after Iran rejected a U.S. peace plan and Trump rejected Iran's response.The lack of a deal continues Iran's blockade of the Strait of Hormuz, blocking exports from Persian Gulf nations that accounted for 20% of daily oil demand. Oil prices have climbed by nearly half since the Feb. 28 start to the war, with stalemate between the warring nations offering no quick relief to countries searching for alternative supply."Oil prices climbed ... as the global oil market continued to tighten amid limited prospects for a reopening of the Strait of Hormuz. The move followed Trump casting doubt over a ceasefire with Israel signalling the war is not over," Saxo Bank wrote.Trump will travel to Beijing tomorrow for a summit meeting with Xi Jinping, his Chinese counterpart, a major buyer of Iranian oil and an ally of the country. However the Wall Street Journal reported Xi is unlikely to press Trump to end the war.

NY Crude Up 3.1% at US$101.10 and Brent Crude Up 2.9% at Near US$107.25

Brent Crude Up 2.8% at Near US$107.20

Update: WTI Oil Rises as the United States Rejects Iran's Response to Its Peace Proposal

West Texas Intermediate (WTI) oil rose on Monday after the United States rejected Iran's response to its peace proposal, calling it unacceptable, continuing the war that has produced the largest-ever energy supply shock.WTIcrude oil for June delivery closed up US$2.65 to settle at US$98.07 per barrel, while July Brent oil was last seen up US$3.47 to US$104.76.Iran replied to a U.S. peace offer last week with a plan of its own, delivering a response on Sunday that included demands for compensation for war damages, acknowledgement of its control of the Strait of Hormuz, an end to Israel's war on Lebanon and the removal of sanctions on it oil exports and nuclear enrichment program.Iran's demands were dismissed by U.S. President Trump. who called the demands "totally unacceptable" in a social media post.The war launched by the United States and Israel is now in its tenth week, leaving the Strait of Hormuz closed to tankers that delivered 20% of daily demand for oil, LNG and refined products. Iran's blockade of the Strait has forced Asian nations that rely on Persian Gulf imports to bid up spot prices for oil, caused shortages of aviation fuel and raised inflation as gasoline costs climb."The two sides continue to maintain a fragile ceasefire while the effective closure of the Strait of Hormuz drags on. After briefly trading down to USD 96 last week on renewed hopes the strait would reopen, Brent has rebounded above USD 105. Morgan Stanley has described the situation as a "race against time," warning that recent mitigating factors - such as a surge in U.S. exports (+3.8 mb/d YoY over the past 30 days) and weaker Chinese imports (-5.5 mb/d) - cannot persist indefinitely. That increasingly leaves demand destruction through slower consumption growth and higher prices as the only viable mechanisms to rebalance the market," Saxo Bank wrote.

June WTI Crude Oil Contract Closes Up US$2.65; Settles at US$98.07 per Barrel

Oil Rises as the United States Rejects Iran's Response to Its Peace Proposal

Oil prices rose early on Monday after the United States rejected Iran's response to its peace proposal, calling it unacceptable, continuing the war that has produced the largest-ever energy supply shock.West Texas Intermediate crude oil for June delivery was last seen up US$2.92 to US$98.34 per barrel, while July Brent oil was up US$2.93 to US$104.33.Iran replied to a U.S. peace offer last week with a plan of its own, delivering a response on Sunday that included demands for compensation for war damages, acknowledgement of its control of the Strait of Hormuz, an end to Israel's war on Lebanon and the removal of sanctions on it oil exports and nuclear enrichment program.Iran's demands were dismissed by U.S. President Trump. who called the demands "totally unacceptable" in a social media post.The war launched by the United States and Israel is now in its tenth week, leaving the Strait of Hormuz closed to tankers that delivered 20% of daily demand for oil, LNG and refined products. Iran's blockade of the Strait has forced Asian nations that rely on Persian Gulf imports to bid up spot prices for oil, caused shortages of aviation fuel and raised inflation as gasoline costs climb."The two sides continue to maintain a fragile ceasefire while the effective closure of the Strait of Hormuz drags on. After briefly trading down to USD 96 last week on renewed hopes the strait would reopen, Brent has rebounded above USD 105. Morgan Stanley has described the situation as a "race against time," warning that recent mitigating factors - such as a surge in U.S. exports (+3.8 mb/d YoY over the past 30 days) and weaker Chinese imports (-5.5 mb/d) - cannot persist indefinitely. That increasingly leaves demand destruction through slower consumption growth and higher prices as the only viable mechanisms to rebalance the market," Saxo Bank wrote.

Brent Crude Up 2.2% at US$103.55 and NY Crude Up 2.2% at Near US$97.50

Brent Crude Up 0.55% at US$110.60 and NY Crude Up 0.3% at US$95.10