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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.