Brent Crude Oil Futures

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.

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.

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.

Update: WTI Oil Trading Near Four-Month Low as Talks Between US, Iran Progress

(Updates prices in the second paragraph and adds detail on the US waiver for Iranian exports in paragraph four.)West Texas Intermediate (WTI) closed at the lowest in more than three months on Monday as talks between Iran and the United States are progressing, raising hopes the Strait of Hormuz could fully reopen and allow Persian Gulf energy exports to flow more freely, and the United States lifted sanctions on Iran's oil exports.WTI crude oil for July delivery closed down 2.3% to settle at US$74.82 per barrel, the lowest since March 4, while August Brent oil was last seen down 3.6% to US$77.70.US Vice President JD Vance said technical talks aimed at formalizing last week's memorandum of understanding between the United States and Iran are progressing well, despite threats directed at Iran that President Donald Trump posted on social media over the weekend.A deal between the two countries could fully reopen the Strait of Hormuz, the chokepoint for exports from the Persian Gulf nations that supplied a fifth of daily oil demand prior to the Feb. 28 start to the war. Tankers have started moving through the waterway and Iran has resumed exports. The United Arab Emirates, Kuwait and Iraq reportedly promised to deliver more oil to customers.The US Treasury Department on Monday granted Iran a 60-day waiver to freely export oil and petrochemicals, and to collect payments in US dollars.

Oil Trading at Near a Four-Month Low as Talks Between the U.S. and Iran Progress

Oil prices weakened early Monday on reports that talks between Iran and the United States are progressing, raising hopes the Strait of Hormuz could fully reopen and allow Persian Gulf energy exports to flow more freely.West Texas Intermediate crude oil for July delivery was last seen down 1.1% to US$75.05 per barrel, the lowest since March 4, while August Brent oil was down 2% to US$78.97.The Guardian reported that U.S. Vice President JD Vance said technical talks aimed at formalizing last week's memorandum of understanding between the United States and Iran are progressing well, despite threats directed at Iran that U.S. President Donald Trump posted on social media over the weekend.A deal between the two countries could fully reopen the Strait of Hormuz, the chokepoint for exports from the Persian Gulf nations that supplied a fifth of daily oil demand prior to the Feb. 28 start to the war. Reuters reported tankers have begun moving through the waterway, with Iran beginning to resume exports while the United Arab Emirates, Kuwait and Iraq are promising to deliver more oil to customers."Despite a bumpy start, with Trump issuing fresh warnings towards Iran and Tehran responding with renewed threats to close the Strait of Hormuz, negotiations nevertheless showed signs of progress. The market continues to price in the prospect of an eventual reopening of the Strait and the release of millions of barrels currently stranded in the Persian Gulf.," Saxo Bank noted.

Oil Edges Up as the U.S. and Iran Suspend Peace Talks Amid Fresh Israeli Attacks in Lebanon

Oil prices edged higher early Friday as the postponement of U.S.-Iran talks and renewed hostilities between Israel and Hezbollah in Lebanon raised concerns about stability in the Middle East and the durability of a recently reached ceasefire.West Texas Intermediate crude oil for July delivery was last seen up 0.7% to US$77.14 per barrel, while August Brent oil was up 0.2% to US$80.05.Talks between Iran and the United States were halted as Iran objected to Israel's continuing attacks in Lebanon, with the New York Times reporting Israel struck 80 targets in Lebanon Friday, killing and injuring dozens. Israeli Prime Minister Benjamin Netanyahu has refused to be bound by the terms of the U.S.-Iran memorandum of understanding (MOU) reached on Wednesday that included a demand the country halt its attacks on its northern neighbor, threatening progress on negotiations to end the U.S. war on Iran.Planned talks between Iran and the United States in Switzerland were suspended due the heightened violence in Lebanon. However despite that, tankers trapped in the Gulf since the start of the war are still readying to move through the Strait of Hormuz as Iran ended its blockade of the key waterway, the chokepoint for Persian Gulf oil exports that supplied a fifth of daily oil demand."US-Iran talks will not begin on Friday after Israel reportedly refused to withdraw from Lebanon and halt attacks, a move Tehran claims violates the MOU's first clause. While flows through the Strait appear set to resume following the lifting of blockades, the latest developments highlight how fragile the agreement remains," Saxo Bank noted.

Update: WTI Oil Closes Higher As Details Of Iran-U.S. Peace Deal Emerge; IEA Expects Production To Surge In 2027

West Texas Intermediate (WTI) crude oil closed higher Wednesday, rising off the lowest in more than three months as details of the peace deal between Iran and the United States emerge, while the International Energy Agency sees inventories depleted by the closure of the Strait of Hormuz to return to surplus next year.WTI oil for July delivery closed up US$0.74 to settle at US$76.79 per barrel, rising off the lowest since March 4, while August Brent oil was last seen up US$0.41 to US$79.37.Oil markets are settling as the memorandum of understanding reached by the United States and Iran to end their war looks to allow shipping through the Strait of Hormuz, the chokepoint for oil shipment from the Persian Gulf nations that supplied a fifth of daily oil demand.CNN said it obtained a copy of the deal, reporting the two countries agreed to restore normal shipping through the Strait within 30 days, while Iran will be allowed to resume exporting oil to global markets amid other concessions to Islamic Republic."The MoU declares an immediate ceasefire and reopens the Strait of Hormuz, but front-loads concrete economic benefits to Iran - oil export waivers, frozen asset releases, and naval blockade removal - while deferring all hard nuclear questions to a final agreement," Erik Meyersson, chief EM Strategist at SEB Research, wrote.Since the war began on Feb.28, oil-importing countries have depleted inventories amid the loss of most Persian Gulf supply. In its influential monthly Oil Market Report, the International Energy Agency said global oil inventories fell by an average 3.8-million barrels per day since the start of the conflict, while it expects stocks to fall to record lows in coming months before the market returns to surplus late this year.The agency said it sees global demand down 1.1-million barrels per day this year, down 700,000 bpd from its May report, with 2026 annual supply down by an average 3.0-million bpd due to closure of the Strait. However the market is expected to return to a significant surplus in 2027, with the IEA seeing demand in the year to rebound by two-million bpd while global production surges."Our first look at 2027 balances shows a significant overhang emerging next year. Global oil demand is projected to rise by a relatively modest 2 mb/d to 105.3 mb/d. By contrast, oil supplies look set to surge by around 8 mb/d to 110 mb/d. This may provide a welcome respite to the market and an opportunity to replenish depleted inventories, or to build new strategic reserves," the agency said.

July WTI Crude Oil Contract Closes Up US$0.74; Settles at US$76.69 per Barrel