United States Oil Fund

July WTI Crude Oil Contract Closes Down $0.67, or 0.9%; Settles at $71.41 per Barrel

Sector Update: Energy Stocks Advance Pre-Bell Friday

Energy stocks were advancing pre-bell Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.4% higher.The United States Oil Fund (USO) was up 0.4% and the United States Natural Gas Fund (UNG) was 2.1% lower.Front-month US West Texas Intermediate crude oil was slightly higher at $72.09 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.3% to $76.53 per barrel, and natural gas futures were down 1.9% at $2.96 per 1 million British Thermal Units.Solaris Energy Infrastructure (SEI) will join the S&P SmallCap 600, replacing Catalyst Pharmaceuticals (CPRX), effective prior to the opening of trading next Wednesday, S&P Dow Jones Indices said. Solaris Energy Infrastructure stock was nearly 4% higher premarket.BW LPG (BWLP) shares were up more than 1% after the company said its BW LPG India subsidiary has agreed to sell BW Elm vessel to an unnamed buyer for cash proceeds of $64 million.

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Friday Amid Renewed US-Iran Tensions Ahead of Q2 Earnings Season

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.03%, and the actively traded Invesco QQQ Trust (QQQ) retreated by 0.4% in Friday's premarket activity, as markets traded mixed amid renewed US-Iran tensions ahead of the Q2 earnings season.US stock futures were also mixed, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures gaining 0.1%, and Nasdaq futures retreating 0.5% before the start of regular trading.In premarket action, bitcoin was up by 1.9%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.1% higher, Ether ETF (EETH) advanced 3.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.9%.Power Play:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.3% lower.Circle Internet Group (CRCL) shares traded up 13% in early hours activity after the company said it received approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, which will operate under the name Circle National Trust.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.3%, the Vanguard Industrials Index Fund (VIS) was flat, and the iShares US Industrials ETF (IYJ) was inactive.EquipmentShare.com (EQPT) stock was up more than 10% before the opening bell after the company said late Thursday it now expects revenue to be in a range of $5.25 billion to $5.68 billion for 2026, up from its previous guidance of $5.15 billion to $5.58 billion.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was up 0.6%, while the iShares US Healthcare ETF (IYH) slipped 1.3%. The iShares Biotechnology ETF (IBB) was 0.1% higher.Mesoblast (MESO) stock was up more than 4% premarket after the company reported late Thursday that sales of its steroid-refractory acute graft-versus-host disease treatment, Ryoncil, totaled $36 million in fiscal Q4.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.6%, and the iShares US Technology ETF (IYW) was 0.02% lower, while the iShares Expanded Tech Sector ETF (IGM) was flat. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell 1.8%, while the iShares Semiconductor ETF (SOXX) was down 1.6%.ChipMOS Technologies (IMOS) shares were up more than 3% in premarket activity after the company said that its Q2 revenue rose 28.7% year over year to 7.38 billion New Taiwan dollars ($231.8 million), marking its highest quarterly revenue since 2014.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was down 0.5%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.3% higher.XPeng (XPEV) shares were up 1% pre-bell after the company said it has started employee testing of its Robotaxi platform.EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.5%.BW LPG (BWLP) stock was up more than 1% before market open after the company said its BW LPG India subsidiary has agreed to sell BW Elm vessel to an unnamed buyer for cash proceeds of $64 million.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 0.4% to $72.33 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.4% to $2.97 per 1 million British Thermal Units. The United States Oil Fund (USO) retreated by 0.4%, while the United States Natural Gas Fund (UNG) was 1.6% lower.Gold futures for July fell 0.8% to $4,107.70 an ounce on the Comex. Silver futures retreated by 1.3% to $59.95 an ounce. SPDR Gold Shares (GLD) decreased 0.5%, and the iShares Silver Trust (SLV) was 0.5% lower.

Oil Rises as Renewed Fighting Between Iran and the US Keeps Persian Gulf Supply Shut In

Oil moved higher early Friday as fighting between the U.S. and Iran continues, while some ships continue to move out of the Persian Gulf through the Strait of Hormuz, boosting supply.West Texas Intermediate crude oil for August delivery was last seen up $0.61, or 0.9%, to $72.69, while September Brent oil was up $0.72, or 0.9%, to 77.02The rise comes as Iran and the U.S. renew hostilities, though fighting eased overnight. The apparent end to a ceasefire agreement reached last month is continuing to keep ships trapped in the Persian Gulf since the Feb. 28 start to the war. Only 15 ships moved through the Strait of Hormuz yesterday, according to hormuzstraitmonitor.com, leaving 280 vessels still waiting to move through the waterway.However enough ships left the region since the mid-June ceasefire agreement to ease supply worries. In its monthly Oil Market Report, the International Energy Agency said June oil inventories rose for the first time since the start of the war as shipping through the Strait surged following the ceasefire."As an armada of tankers set sail for refining hubs further afield, global observed oil inventories in June rose for the first time since the outbreak of the war. Oil on water swelled by 117 mb (million barrels), far outpacing continued drawdowns in onshore stocks of some 96 mb, including 44 mb of OECD government reserves," the agency said.The IEA said global oil supply rose by 4.1-million barrels per day in June following the release of some Persian Gulf supply to 98.8-million bpd. Demand, which dropped by 4.8-million bpd in the second quarter, is expected to continue to contract in the third quarter on light supply and high prices, though is expected to rise by 1.2-million bpd in the fourth quarter.

Update: WTI Oil Falls Despite Renewed Fighting Between the US and Iran

West Texas Intermediate (WTI) crude oil closed lower on Thursday even as renewed fighting between the U.S. and Iran threatens to keep the Strait of Hormuz closed, again shutting in tankers bringing Persian Gulf supply to the market.WTI crude oil for August delivery closed down $1.44, or 2%, to settle at $72.08 per barrel, while September Brent oil was last seen down $1.72, or 2.2%, to $76.30.The drop comes as the U.S. war on Iran again heated up, with the US President Trump on Wednesday declaring a ceasefire agreement reached last month was over. The U.S. hit 90 targets in Iran, according to the Wall Street Journal, while Iran retaliating by striking at US military bases in Kuwait and elsewhere. The US also reapplied sanctions on Iranian oil exports lifted last month.The revived hostilities are threatening to again close the Strait of Hormuz, the choke point for 20% of daily oil demand supplied by Persian Gulf nations prior to the Feb. 28 start to the war. Still, ships are continuing to move through the Strait, with hormuzstraitmonitor.com reporting 34 ships moved through the waterway over the past day."Traffic through the Strait of Hormuz slowed to a crawl, with most movements occurring along an Iran-approved route closer to the waterway's northern side, while the US-backed Omani corridor where recent Iranian attacks occurred remained quiet," Saxo Bank wrote.

July WTI Crude Oil Contact Closes Down $1.44, or 2%; Settles at $72.09 per Barrel

Sector Update: Energy Stocks Decline Pre-Bell Thursday

Energy stocks were declining pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.4% lower.The United States Oil Fund (USO) was down 1.5% and the United States Natural Gas Fund (UNG) was 2.1% lower.Front-month US West Texas Intermediate crude oil was 0.2% higher at $73.64 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.4% to $78.30 per barrel, and natural gas futures were down 0.7% at $3.19 per 1 million British Thermal Units.Shell (SHEL) received valid tenders for about $6.3 billion of outstanding unregistered notes in its previously announced exchange offers, the oil giant said. Shares of Shell were 0.6% lower premarket.TotalEnergies (TTE) stock was down 0.4% after the company said it sold its 170-megawatt distributed solar portfolio across seven European countries to Amarenco and AMPYR Distributed Energy.BP (BP) will push decision-making closer to the "frontline" and seek greater financial accountability and discipline, said Meg O'Neill, the British energy giant's new CEO, on social media platform Linkedin. BP shares were down more than 1% pre-bell.

Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Thursday as Chip Stocks Rebound Despite US-Iran Tensions

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3%, and the actively traded Invesco QQQ Trust (QQQ) advanced 0.9% in Thursday's premarket activity, as investors returned to chip stocks while monitoring escalating tensions between Washington and Tehran.US stock futures were mixed, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.6% before the start of regular trading.US initial jobless claims fell to a level of 215,000 in the week ended July 4 from an upwardly revised 217,000 level in the previous week, compared with expectations for a level of 217,000 in a survey of analysts compiled by Bloomberg.The existing home sales data will be released at 10:00 am ET, followed by natural gas stocks data at 10:30 am ET.New York Federal Reserve President John Williams and Dallas Fed President Lorie Logan are slated to speak on Thursday.In premarket action, bitcoin was up by 0.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.8% higher, Ether ETF (EETH) advanced 0.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.4%, while the Vanguard Industrials Index Fund (VIS) was up 0.3% and the iShares US Industrials ETF (IYJ) was flat.FuelCell Energy (FCEL) stock was up more than x% before the opening bell after the company and Siemens agreed to collaborate on fuel cell-based power generation.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.3%, the Vanguard Health Care Index Fund (VHT) was 0.9% higher, while the iShares US Healthcare ETF (IYH) gained by 0.2%. The iShares Biotechnology ETF (IBB) was up 0.8%.AstraZeneca (AZN) stock was down more than 8% premarket, and Ionis Pharmaceuticals (IONS) fell over 20% after the partners said a phase 3 trial for eplontersen in patients with transthyretin-mediated amyloid cardiomyopathy, or ATTR-CM, failed to meet the primary efficacy endpoint.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 1.8%, the iShares US Technology ETF (IYW) was 1.4% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 1.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 3.9%, while the iShares Semiconductor ETF (SOXX) rose 4.9%.Applied Materials (AMAT) shares were up more than 4% in premarket activity after Nikkei Asia reported, citing CEO Gary Dickerson, that the company is seeing stronger long-term visibility into semiconductor equipment demand as major chipmakers share production plans extending well beyond 2027.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated by 1.1%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.3%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.3% lower.Levi Strauss (LEVI) shares were down nearly 4% early Thursday after the company's new full-year earnings outlook fell short of analyst estimates even as its fiscal Q2 results topped views.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.3%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% lower.Broadridge Financial Solutions (BR) shares traded up 1% in early hours activity after the company said that Centralised Raiffeisen International Services & Payments, the shared services center of Raiffeisen Bank International, has upgraded to its cloud-based BRx Match reconciliation platform.EnergyThe iShares US Energy ETF (IYE) gained 1.3%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.3%.Sempra (SRE) stock was down more than 1% before market open. The company said Wednesday that its Sempra Infrastructure unit shipped the first liquefied natural gas cargo from the ECA LNG Phase 1 project in Mexico, marking a milestone ahead of the facility's expected commercial operations later this summer.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 0.4% to $73.82 per barrel on the New York Mercantile Exchange. Natural gas was down by 0.8% to $3.19 per 1 million British Thermal Units. The United States Oil Fund (USO) retreated by 0.4%, while the United States Natural Gas Fund (UNG) was 0.8% lower.Gold futures for July rose 1% to $4,122.20 an ounce on the Comex. Silver futures advanced by 1.9% to $59.67 an ounce. SPDR Gold Shares (GLD) increased 0.8%, and the iShares Silver Trust (SLV) was 1.8% higher.

Oil Prices Rise on Renewed Fighting Between the US and Iran

Oil rose for a third day early Thursday as renewed fighting between the U.S. and Iran threatens to keep the Strait of Hormuz closed, again shutting in tankers bringing Persian Gulf supply to the market.West Texas Intermediate crude oil for August delivery was last seen up $0.41, or 0.6%, to $73.93 per barrel, while September Brent oil was up $0.55, or 0.7%, to $78.57.The rise comes as the US war on Iran again heated up, with the U.S. President Trump on Wednesday declaring a ceasefire agreement reached last month was over. The U.S. hit 90 targets in Iran, according to the Wall Street Journal, while Iran retaliating by striking at US military bases in Kuwait and elsewhere. The US also reapplied sanctions on Iranian oil exports lifted last month.The revived hostilities are threatening to again close the Strait of Hormuz, the choke point for 20% of daily oil demand supplied by Persian Gulf nations prior to the Feb. 28 start to the war. Still, ships are continuing to move through the Strait, with hormuzstraitmonitor.com reporting 34 ships moved through the waterway over the past day."Brent trades near USD 79 after jumping on renewed US strikes on Iran, raising fresh concerns about energy supplies from the Middle East. Traffic through the Strait of Hormuz slowed to a crawl, with most movements occurring along an Iran-approved route closer to the waterway's northern side, while the US-backed Omani corridor where recent Iranian attacks occurred remained quiet," Saxo Bank wrote.

Update: WTI Oil Rises as Iran-US Fighting Resumes, Trump Says Ceasefire Is Over

(Updates prices in the second paragraph and adds EIA data in the final paragraph.)West Texas Intermediate (WTI) closed higher on Wednesday as the U.S. and Iran traded attacks, with President Trump saying the ceasefire deal reached last month is over.WTI crude oil for August delivery closed up $3.08, or 4.4%, to settle at $73.52 per barrel, the highest since June 18, while September Brent oil was last seen up $3.80, or 5.1%, to $77.96.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.In its weekly report, the Energy Information Administration reported U.S. commercial oil inventories rose by 5.6-milllion barrels last week, the first rise in 11 weeks. Analysts polled by Investing.com expected the agency to report a drop on 1.9-million barrels.

July WTI Crude Oil Contract Closes Up $3.08, or 4.4%; Settles at $73.52 per Barrel

Sector Update: Energy Stocks Advance Pre-Bell Wednesday

Energy stocks were advancing pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) up 1.7%.The United States Oil Fund (USO) was up 2.4% and the United States Natural Gas Fund (UNG) was 0.9% higher.Front-month US West Texas Intermediate crude oil was 4.8% higher at $73.81 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 5.1% to $77.91 per barrel, and natural gas futures were up 1.2% at $3.30 per 1 million British Thermal Units.Exxon Mobil (XOM) stock was up more than 1% after the company said in a filing that changes in oil prices could raise its Q2 upstream earnings by $3.5 billion to $3.9 billion, while changes in gas prices could either result in a $200 million loss or a similar gain.Petrobras (PBR) has signed a settlement agreement with Brazil's oil regulator ANP to bring 335 offshore wells into compliance with well integrity regulations by Dec. 31, 2030, according to a translation of a statement from the regulator. Shares of Petrobras were up more than 2% pre-bell.Baker Hughes (BKR) will provide power generation solutions to support Kodiak Gas Services' (KGS) expanding energy infrastructure initiatives under a new multi-year agreement, the companies said. Baker Hughes stock was up more than 1% premarket.

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Wednesday as Trump Declares US-Iran Agreement Over

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5%, and the actively traded Invesco QQQ Trust (QQQ) retreated 0.8% in Wednesday's premarket activity, as President Donald Trump's declaration that the interim US-Iran agreement had ended fueled concerns about renewed conflict, sending oil prices higher and weighing on risk assets.US stock futures were also lower, with S&P 500 Index futures down 0.9%, Dow Jones Industrial Average futures slipping 1.1%, and Nasdaq futures falling 1.3% before the start of regular trading.Mortgage applications fell by 2.2% in the week ended July 3, with refinancing activity and new home applications both pushed lower by an uptick in average 30-year fixed mortgage rates, according to Mortgage Bankers Association data released Wednesday.May's wholesale inventories data will be released at 10:00 am ET, followed by the weekly oil stocks data at 10:30 am ET.The minutes of the June 16-17 Federal Open Market Committee meeting are slated for a 2:00 pm ET release.May consumer credit data posts at 3:00 pm ET.In premarket action, bitcoin was down by 2.2%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.2% lower, Ether ETF (EETH) retreated 2.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.5%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) fell about 1.5%.FuelCell Energy (FCEL) stock was down more than 19% before the opening bell after the company priced its offering of about 10.7 million common shares at $21 per share for gross proceeds of $225 million.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.8%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained by 0.8%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.9%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was down 0.2%.Alibaba Group (BABA) shares surged more than 9% pre-bell after news reports of a positive pre-earnings business update showing narrowing losses, and a Bloomberg News report of a victory in a US federal court.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.9%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.3% higher.Banco Santander (SAN) shares traded down 3% in early hours activity, extending losses after a 1.3% fall in the previous day's session. The Financial Times reported that the bank has overhauled its Asia-Pacific corporate and investment banking business, removing its top banker in Beijing, tightening employee oversight, and cutting staff perks as part of a cost-cutting driveHealth CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.1%, the Vanguard Health Care Index Fund (VHT) rose 1%, while the iShares US Healthcare ETF (IYH) slipped 0.1%. The iShares Biotechnology ETF (IBB) was 0.3% lower.AstraZeneca (AZN) stock was down more than 1% premarket after gaining 1.6% at the prior close. Sino Biopharmaceutical said AstraZeneca has signed a deal worth up to $2.1 billion with its Chia Tai Tianqing Pharmaceutical unit to develop, manufacture, and commercialize the chronic respiratory disease drug candidate TQC3721.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.1%, and the iShares US Technology ETF (IYW) was 0.8% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 1.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell 2%, while the iShares Semiconductor ETF (SOXX) declined by 1.4%.Intel (INTC) shares were down more than 1% in premarket activity, after a 9.7% fall in Tuesday's close. SambaNova Systems, backed by Intel, said it raised $1 billion in the first close of its Series F funding round at an $11 billion valuation, with General Atlantic leading the investment.EnergyThe iShares US Energy ETF (IYE) rose 3.1%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.4%.Petrobras (PBR) stock was up more than 1% before market open after the company said that it signed a settlement agreement with Brazil's oil regulator, ANP, to bring 335 offshore wells into compliance with well integrity regulations by Dec. 31, 2030.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 5.2% to $74.09 per barrel on the New York Mercantile Exchange. Natural gas was down by 0.6% to $3.29 per 1 million British Thermal Units. The United States Oil Fund (USO) gained by 2.1%, while the United States Natural Gas Fund (UNG) was 1.2% higher.Gold futures for July were down by 2.1% to $4,070.30 an ounce on the Comex. Silver futures retreated by 3.6% to $59.13 an ounce. SPDR Gold Shares (GLD) decreased by 0.8%, and the iShares Silver Trust (SLV) was 2.7% lower.

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