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US, Iran Agree to 60-Day MOU Pending Trump Approval, Axios Says

EMEA Natural Gas Update: Futures Rise Over 4% as Fresh Uncertainties Cloud US-Iran Peace Deal

European natural gas futures rose on Thursday amid fresh uncertainties over the US-Iran peace deal and the lack of clarity on the peace deal to end hostilities in the region.The front-month Dutch TTF contract was up by 4.07% to 48.300 euros ($56.19) per megawatt hour, while the UK NBP front-month contract rose 3.95% to 117.500 British pence ($1.57) per therm.Both the US and Iran were involved in fresh clashes on Wednesday, with Iran's Islamic Revolutionary Guard Corps targeting a US airbase in retaliation against American attacks near the southern port city of Bandar Abbas, according to Iran's Tasnim News Agency.Meanwhile, during a cabinet meeting on Wednesday, US President Donald Trump signaled that he was in no hurry to make a deal with Iran."We can make a good deal right now, but maybe not a great deal, and if it's not a great deal, we're not making it," he said, while once again noting that Iran would not be allowed to have a nuclear weapon.The strategically crucial Strait of Hormuz remained effectively shut for the 13th week running, with just six vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.This comes at a time when European natural gas inventories remain depleted, at just 38.83% of capacity, compared to 46.60%, during the corresponding period a year ago, according to data from Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 52.8%, according to the Swiss Federal Office of Energy.In a meeting of the European Commission's Gas Coordination Group on Tuesday, member states noted that the region's total gas inventories could touch 80% of capacity by the end of the Summer, "which would secure gas supply for next winter."They, however, noted that gas storage filling must be regularly assessed, while adding that the member states had planned no further interventions as of now.All of this comes during a "a historic, record-shattering heatwave" across Europe, with temperatures rising 12 to 16 degrees Celsius above long-term climatological norms, according to Severe-Weather EU, leading to increased air-conditioning power demand and more natural gas burn.Meanwhile, Daniel Hynes, a senior commodity strategist at ANZ, warned that seaborne shipments to Europe were "running below seasonal norms," amid rising competition from Asian buyers in the spot markets. This stands to further complicate the supply situation for the region.

Oil & Energy73d ago

Update: 3 Oil, LNG Tankers Exit Strait of Hormuz Under Dark Transits, Reuters Analysis Shows

(Updates with requests for comments to the related parties.)Two oil supertankers and one liquefied natural gas tanker exited the Strait of Hormuz earlier this week, heading toward India and China with their transponders turned off, also known as dark transits, according to a Reuters report, citing ship tracking data from LSEG and Kpler.Even as traffic through the Strait remained restricted, the vessels were part of several tankers that departed the Persian Gulf over this month.The vessels were reportedly carrying crude oil from Saudi Arabia and the UAE, along with naphtha loaded from Kuwait in early March.The ongoing military conflict between the US and Iran, which began on February 28, has severely curtailed traffic through the strategically crucial Strait, which accounted for one-fifth of global LNG and crude oil flows.Before the conflict, traffic through the Strait ranged from 125 to 140, and has since dropped to just four over the past 24 hours, according to the Hormuz Strait Monitor.An estimated 20,000 seafarers, working on 100s of vessels, currently remain stuck in the Persian Gulf, as a result of this blockade, according to Reuters.The Indian and Chinese governments did not immediately respond to' request for a comment on this story.

Oil & Energy73d ago

3 Oil, LNG Tankers Exit Strait of Hormuz Under Dark Transits, Reuters Analysis Shows

Two oil supertankers and one liquefied natural gas tanker exited the Strait of Hormuz earlier this week, heading toward India and China with their transponders turned off, also known as dark transits, according to a Reuters report, citing ship tracking data from LSEG and Kpler.Even as traffic through the Strait remained restricted, the vessels were part of several tankers that departed the Persian Gulf over this month.The ongoing military conflict between the US and Iran, which began on February 28, has severely curtailed traffic through the strategically crucial Strait, which accounted for one-fifth of global LNG and crude oil flows.Before the conflict, traffic through the Strait ranged from 125 to 140, and has since dropped to just four over the past 24 hours, according to the Hormuz Strait Monitor.An estimated 20,000 seafarers, working on 100s of vessels, currently remain stuck in the Persian Gulf, as a result of this blockade, according to Reuters.

Oil & Energy73d ago

US Oil Update: Crude Rebounds as US, Iran Exchange Airstrikes

Oil prices rose on Thursday as airstrikes between US and Iran diminished hopes of a peace deal, upending the previous session's losses.Front-month West Texas Intermediate crude futures rose 3% to $91.37 per barrel, while Brent futures gained 2.7% to $96.81/bbl.According to a Reuters report, the Iranian Revolutionary Guard Corps stated the counterstrike was launched in retaliation for a pre-dawn US air raid that deployed aerial projectiles on the outskirts of Bandar Abbas airport.The exchange follows confirmation from Washington that US forces had carried out defensive, early-morning strikes near the Strait of Hormuz.The return to military hostilities erased Wednesday's market optimism, which had previously caused oil prices to plunge 5% on hopes of a diplomatic breakthrough.The mid-week selloff was originally set off by an Iranian state television broadcast claiming a draft interim peace agreement.While the broadcasted document indicated that maritime traffic through the vital shipping lane would return to normal within 30 days of signing, market analysts cautioned that finalizing the actual pact could take up to 60 days assuming both nations could reach an agreement at all.Any remaining market confidence evaporated when US President Donald Trump publicly stated he was unsatisfied with the progress of the three-month conflict's negotiations, warning that critical, unresolved disputes still stand in the way of a settlement."Traders have become increasingly cautious about holding long exposure to the oil market ahead of headlines showing progress in ending the conflict," ANZ said.The ongoing three-month blockade of the Strait of Hormuz continues to fundamentally distort global energy flows.Data from the Oxford Institute for Energy Studies highlighted that China's crude oil imports fell steeply to 9.3 million barrels per day in April, down from its five-year baseline average of roughly 11 mb/d.Despite the demand drop in Asia, underlying physical supplies remain exceptionally tight.The American Petroleum Institute revealed that US crude inventories fell by 2.8 million barrels for the week ended May 22, compounding a massive 9.1-million-barrel draw from the prior week.The oil market is now awaiting official crude storage data from the US Energy Information Administration to gauge further physical market tightening.

Oil & Energy73d ago

EMEA Oil Update: Crude Spikes as Middle East Tension Escalates

Crude futures rose on Thursday after Iran's Revolutionary Guards reportedly said that they launched a retaliatory strike on a US airbase.Front-month Murban crude futures surged 4.8% to $94.21 per barrel, while Brent futures rose 2.9% to $97.03/bbl.The IRGC stated that this attack was a direct response to an early-morning American air assault on the outskirts of Bandar Abbas airport, Reuters reported.This comes after US officials confirmed that American forces had executed pre-dawn, defensive strikes near the Strait of Hormuz.The return to active hostilities wiped out Wednesday's market optimism over a resolution. Oil prices had plummeted 5% on hopes of advances towards an agreed peace framework after Iranian state TV revealed details of a draft framework.The report said that the draft document contained a requirement for traffic through the vital Strait of Hormuz to be normalized within a month of agreement, but analysts said finalizing the deal itself could take about 60 days, if the sides even agree.US President Donald Trump stated that he remained unsatisfied with the negotiations aimed at ending the three-month conflict, adding that critical issues have yet to be resolved."Traders have become increasingly cautious about holding long exposure to the oil market ahead of headlines showing progress in ending the conflict," ANZ said.The ongoing disruption is severely altering global trade patterns, particularly for top buyers.Analysts from the Oxford Institute for Energy Studies noted that China has sharply reduced its crude oil imports to 9.3 million barrels per day in April down from its five-year average of roughly 11 mb/d.Meanwhile, underlying supply indicators suggest a tightening physical market.Data from the American Petroleum Institute revealed that US crude oil inventories fell by 2.8 million barrels for the week ended May 22, building on a massive 9.1-million-barrels draw from the prior week.Energy markets are now awaiting official confirmation from the US Energy Information Administration's upcoming petroleum inventory report.

Oil & Energy73d ago

ICE Energy Markets Hit Record 130.5 Million Open Interest Contracts

Intercontinental Exchange (ICE) said Wednesday it reached an all-time high open interest of 130.5 million contracts across its futures and options markets, led by double-digit growth in Henry Hub and global power derivatives.Fueled by structural shifts in global energy infrastructure, ICE's commodity markets hit a record open interest of 77 million contracts on May 22, while its broader global energy portfolio climbed 8% year over year to 72 million contracts.Total energy options led the surge, logging a record 31 million open contracts, ICE said.According to exchange data, global natural gas positions peaked at 48 million contracts, marking an 11% year-over-year increase, while global power markets reached an all-time OI high of 4 million contracts on May 25.The growth was driven by North American gas derivatives, where futures and options volumes jumped 11% year-over-year to a record 41.4 million open contracts, it noted.Notably, positions in the US Henry Hub benchmark increased 13% year-over-year, alongside an 8% increase across regional financial gas hubs.Market operators attribute the expanding liquid volumes to commercial participants actively hedging regional basis spreads, localized pipeline constraints, and the shifting maritime trade routes for global LNG cargoes.On the demand side, exchange officials highlighted that rapid data center expansion is introducing a complex layer of structural consumption to power grids.

$ICE

Oil & Energy73d ago

EMEA Natural Gas Update: Futures Rally After Fresh US-Iran Peace Deal Criticism

European natural gas futures rose on Thursday amid fresh criticism over US-Iran peace deal, and lack of clarity on peace deal to end hostilities in the region.The front-month Dutch TTF contract was up by 2.72% to 47.675 euros ($55.35) per megawatt hour, while the UK NBP front-month contract rose 3.06% to 116.500 British pence ($1.56) per therm.Both the US and Iran were involved in fresh clashes on Wednesday, with Iran's Islamic Revolutionary Guard Corps targeting a US airbase in retaliation against American attacks near the southern port city of Bandar Abbas, according to Iran's Tasnim News Agency.Meanwhile, during a cabinet meeting on Wednesday, US President Donald Trump signaled that he was in no hurry to make a deal with Iran."We can make a good deal right now, but maybe not a great deal, and if it's not a great deal, we're not making it," he said, while once again noting that Iran would not be allowed to have a nuclear weapon.The strategically crucial Strait of Hormuz remained effectively shut for the 13th week running, with just six vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.This comes at a time when European natural gas inventories remain depleted, at just 38.83% of capacity, compared to 46.60%, during the corresponding period a year ago, according to data from Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 52.8%, according to the Swiss Federal Office of Energy.All of this comes during a "a historic, record-shattering heatwave" across Europe, with temperatures rising 12 to 16 degrees Celsius above long-term climatological norms, according to Severe-Weather EU, leading to increased air-conditioning power demand and more natural gas burn.Meanwhile, Daniel Hynes, a senior commodity strategist at ANZ, warned that seaborne shipments to Europe were "running below seasonal norms," amid rising competition from Asian buyers in the spot markets. This stands to further complicate the supply situation for the region.

Oil & Energy73d ago

Long-Term Reconfiguration of Global Energy Would Require Longer Hormuz Closure, Says Rystad Energy

Rystad Energy has published a report outlining what it expects to be the legacy of the Middle East crisis, or Iran war as it has also been dubbed, with signs that a more fragmented and security-focused energy sector may emerge from the largest-ever disruption to global oil supplies.The crisis has pushed the market to face the flaws of a Middle Eastern centric global hydrocarbons supply and to tackle energy efficiency and supply resilience."Governments are prioritizing strategic petroleum reserves, liquefied natural gas (LNG) storage and fuel diversification. Energy security is no longer a temporary crisis concern, but a structural feature of a more unstable world," as per the introduction notes.It underscored that "geopolitical fragmentation is also accelerating" and that the economies are not evolving into rigid Cold War-like blocs but more "selective alignments"."Countries seek flexibility across competing powers rather than committing fully to one side", Rystad said, noting that China's large crude reserves are largely forestalling the impact of the crisis on the country.Adding its own quantification of impact to a growing number of analyst predictions, it says that sustained oil prices around $110 per barrel would slow global GDP growth to about 2.5% in 2026, down from 2025's 3.4%.Energy importers in Europe and Asia are facing weaker trade balances and currencies on top of surging bills for energy cargoes they obtain while inflation is now more likely to become problematic.Importantly, in answer to what some analysts say is an unexpectedly subdued market reaction to the prolonged closure of the Strait of Hormuz, Rystad says this is largely down to very high reserves in place in the until-recently oversupplied market plus volumes of oil already at sea.It says that for transformative structural change to energy markets to occur, as some expect, the crisis will need to endure for longer and it says the impact for economies has arisen more from tighter supplies of liquefied natural gas than for oil.Rystad Energy's geopolitical risk index is now at its highest level ever, reflecting the severity of the US/Israel-Iran conflict and its wide-ranging impacts."The conflict has become another defining example of a world in which geopolitical shocks are more frequent, harder to contain, and increasingly capable of producing immediate global energy consequences," Rystad said.

Oil & Energy73d ago

Market Chatter: Iran War Fuel Surge Forces Indian Airlines to Slash Capacity

India's largest airlines IndiGo and Air India have cancelled their domestic flight schedules for June and July as soaring global jet fuel costs driven by the Middle East conflict weigh on the industry, Reuters reported on Wednesday, citing sources.IndiGo has pruned its planned domestic schedule by 7% to 10% for the upcoming two-month window. Meanwhile, Air India has executed a deeper 22% reduction in its domestic network, as per the report.The ongoing geopolitical conflict in the Middle East has sent aviation turbine fuel prices soaring, blindsiding the aviation sector where fuel traditionally commands up to 40% of overall operating expenditures.In a statement to Reuters, an Air India spokesperson confirmed the carrier has "temporarily rationalised operations on certain domestic routes" adding that frequencies would be restored as operating conditions stabilize.However, both the airlines did not respond immediately to' requests for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Oil & Energy73d ago

EMEA Oil Update: Oil Gains After Increased Skepticism on US-Iran Peace Deal

Crude futures recovered on Thursday after declining in the previous session, as the White House dismissed an Iranian media report of a framework peace deal between US and Iran.The Brent futures contract gained about 2.8% to $96.88 per barrel. Murban futures closed at $89.93 on May 28 and were not trading by the time of publication of this oil price update.A sharp selloff was triggered on Wednesday after Iranian state television broadcast a draft interim agreement.The report claimed maritime traffic through the vital Strait of Hormuz could return to normal within a month.However, US President Donald Trump stated that he remained unsatisfied with the negotiations aimed at ending the three-month conflict, adding that critical issues have yet to be resolved."Traders have become increasingly cautious about holding long exposure to the oil market ahead of headlines showing progress in ending the conflict," ANZ said.The ongoing disruption is severely altering global trade patterns, particularly for top buyers.Analysts from the Oxford Institute for Energy Studies noted that China has sharply reduced its crude oil imports to 9.3 million barrels per day in April down from its five-year average of roughly 11 mb/d.Meanwhile, underlying supply indicators suggest a tightening physical market.Data from the American Petroleum Institute revealed that US crude oil inventories fell by 2.8 million barrels for the week ended May 22, building on a massive 9.1-million-barrels draw from the prior week.Energy markets are now awaiting official confirmation from the US Energy Information Administration's upcoming petroleum inventory report.

Oil & Energy73d ago

US Oil Update: Futures Slide as Markets Price in Months-Long Normalization Process

Crude prices slipped in after-hours trade on Wednesday as investors weighed the prospect of a prolonged recovery in energy trade flows against growing optimism that the US and Iran could reach a peace deal, even as President Trump said he was not satisfied with the negotiations.Front-month West Texas Intermediate crude futures slipped 4.37% to $89.79 per barrel, while Brent futures fell 4.15% to $95.45/bbl.Saxo Bank strategists said that even if a deal is reached, market normalization is likely to take months, with ongoing demand for replacement barrels and depleted inventories potentially leading to a higher price floor.On Wednesday, Trump said the US and Iran still have issues to resolve in peace talks, after Washington dismissed an Iranian media report of a framework deal to restore shipping via the Strait of Hormuz and to lift a US naval blockade on Iranian ports."This report from Iranian-controlled media is not true and the MOU they 'released' is a complete fabrication," the White House said in a social media post on X. "Nobody should believe what Iranian state media is putting out."The US President told a Cabinet meeting on Wednesday that Iran remained keen to end the war, but that the US is "not satisfied.""We're not satisfied with it, but we will be - either that or we'll have to just finish the job," Trump said.Meanwhile, an Iranian official reportedly said that Iran and Oman are negotiating a new framework for maritime transit via the Hormuz, noting that previous arrangements will no longer govern passage through the strategic waterway.Trump said no country would be allowed to control the Strait, adding that the strategic waterway would remain open to all nations and that the US would "watch over it."Iran and Oman are both neighboring littoral states and are jointly negotiating a new mechanism for the passage of ships through the Strait of Hormuz, Ali Bagheri, deputy secretary of Iran's Supreme National Security Council, reportedly said.Bagheri said Iran's enriched uranium stockpile is not part of the current peace talks, and the two sides have not yet reached an agreement on the reopening of the Strait.For now, the strategic waterway remains effectively blocked, subject to the dual blockade by the US and Iran.The International Energy Agency said in its May Oil Market Report that with Hormuz tanker traffic still restricted, cumulative supply losses from Arabian Gulf producers already exceed 1 billion barrels, with over 14 million barrels per day of oil now shut in.

Oil & Energy73d ago

Hormuz Tanker Traffic Slows as Supertanker Activity Wanes, Bloomberg Analysis Says

Commercial vessel traffic through the Strait of Hormuz slowed to a near-trickle on Wednesday, with a handful of mostly Iran-linked vessels transiting the strategic waterway, according to a Bloomberg analysis.Ship-tracking data showed that only two vessels were transiting into the Persian Gulf, while a Chinese fuel tanker appeared to pause mid-voyage on its exit route. The latest slowdown followed a brief uptick on Tuesday, when two large crude carriers exited the Strait.The fluctuations come as markets monitor US-Iran peace talks aimed at stabilizing maritime traffic and ending the conflict in the Middle East.President Trump described ongoing talks to extend a ceasefire as "proceeding nicely." However, securing reliable transit remains challenging, with Israel's escalating military campaign in Lebanon threatening to disrupt fragile diplomatic efforts.Tracking data showed an Iran-linked container vessel and a Chinese bulk carrier followed two supertankers out of the Strait on Tuesday. Outbound traffic had stalled by Wednesday, with the Hua Lin Wan halting after clearing waters near Iran's Larak Island.US military officials said on Wednesday that 109 commercial vessels have been forced to reroute since mid-April due to disruptions in the wider Gulf region.Inbound traffic included a Greek oil products tanker, a China-linked LPG carrier and several Iran-linked fuel vessels earlier in the week. On Wednesday morning, only two inbound container ships were observed, one of them linked to Iran.Widespread GPS and Automatic Identification System signal interference continues to obscure real-time tracking in and around the Strait, complicating efforts to independently verify vessel movements. Transit figures could be revised upward as vessels reappear after passing through high-risk zones.

Oil & Energy73d ago

Trump Says Strait of Hormuz Must Remain Open, Signals Military Action if Iran Talks Collapse

US President Donald Trump said the Strait of Hormuz must be opened for everyone, and that Iran or any other country cannot be allowed full control over the Strait, warning of further military action if negotiations fail.Trump made the remarks at a Cabinet meeting with US officials held on Wednesday."The Strait is going to be open to everybody. It's international orders, nobody's going to control it," Trump said when asked whether he would accept a short-term arrangement allowing Iran and Oman to control the passage.He added that the US will continue watching over it. "We're going to watch over it, we'll watch over it, but nobody's going to control it. That's part of the negotiation that we have. They would like to control it," he said.Trump also issued a direct warning over any attempt to restrict access through the strait, adding, "... Oman will behave just like everybody else, and we'll have to blow them up."US-Iran peace negotiations are currently still ongoing and remain unresolved.However, Trump said Iran is still very keen on coming to a peace deal. "Iran is very much intent; they want very much to make a deal. So far, they haven't gotten there, not, we're not satisfied with it, but that we will be," Trump said.He said that it will be "either that or we'll have to just finish the job."Secretary of State Marco Rubio echoed the administration's position, saying diplomacy remained the preferred option but reiterated that Iran would not be allowed to obtain a nuclear weapon."I think there's been some progress and some interest, and we'll see over the next few hours and days whether progress could be made," Rubio said.Defense Secretary Pete Hegseth said the US remained prepared to take military action if negotiations failed."So, whether it is through the efforts of your [US] negotiators that they ensure that they [Iran] never have a nuclear weapon, or we have to go back to the War Department to finish the job that way, we're prepared to do that...," Hegseth said.He added that the administration was targeting Iranian oil shipments globally, with many being seized.Trump also rejected the possibility of sanctions relief for Tehran."No, we're not talking about any easing of sanctions or giving money. No sanctions, no money, no nothing," he said when asked whether the US would allow Iran to return oil to global markets."We have control of the money that they claim is theirs. We'll keep control of that money when they behave properly and when they do what's right, we'll let them have their money, but right now we're not doing that," Trump added.The president said energy markets would stabilize despite tensions in the Gulf and predicted gasoline prices would decline "by a lot.""It'll come, it'll come down to where it was before we had it," Trump said of fuel prices.He also said the US and its allies were managing shipping traffic through the Strait of Hormuz, describing that there were many vessels in the Strait "wanting to get out.""At the right time, we'll release them," he said.Trump further linked any future agreement with Iran to a broader regional diplomatic push involving Arab states and the Abraham Accords."... we'd like to have them join the Abraham Accords. It'll be historic if they do it," he said, referring to Saudi Arabia, Qatar, UAE and other Gulf countries."I'm not sure we should make the deal if they don't sign," Trump added.

Oil & Energy73d ago

Oil Markets Price In Iran's Growing Leverage Over Strait of Hormuz, Kpler Says

Oil markets are increasingly being shaped less by Iran's nuclear program and more by its ability to control the Strait of Hormuz, underscoring how geopolitical leverage in the key chokepoint is becoming central to peace talks with the US, Kpler strategists said in a note Wednesday.Kpler data on tanker movements through the Strait show that even the risk of disruption, rather than confirmed physical blockages, is sufficient to alter freight pricing, insurance premia, and near-term crude sentiment.Michelle Brouhard, head of Policy and Geopolitical Risk at Kpler, said market participants see this as reinforcing a persistent "geopolitical risk floor" under oil prices, even in periods of otherwise balanced supply and demand fundamentals.The shift comes as US and Iranian officials continue to trade competing narratives over the contours of a possible agreement, with Washington signaling that any deal would include reopening the Strait of Hormuz, while Tehran insists that its strategic leverage in the Strait remains a non-negotiable asset.Kpler said the result is a widening gap between nuclear diplomacy and energy-market reality, according to traders and analysts.The Hormuz transit accounts for about a fifth of global seaborne crude oil, making it one of the key chokepoints in global energy flows.Kpler vessel-tracking data have shown that rerouting capacity is limited in the short term, meaning any credible threat to passage tends to swiftly translate into higher volatility across Brent-linked benchmarks and refined product spreads.US officials have publicly argued that a prospective agreement should address both uranium enrichment limits and the stability of the strategic waterway.Senator Ted Cruz said a settlement that leaves Iran with enrichment capacity and strategic control over the waterway would be a "disastrous mistake," while Senator Lindsey Graham warned that acceptance of Iranian leverage over energy routes would effectively position Tehran as a "dominant force requiring a diplomatic solution."Israel has also raised concerns that an agreement focused on the stability of the shipping lanes without dismantling Iran's enrichment capability would merely delay future confrontation, raising the risk of further regional escalation if talks underdeliver.For now, Kpler said markets remain tightly focused on the trajectory of talks and whether energy security or nuclear containment becomes the defining objective of any eventual deal.

Oil & Energy73d ago

US Oil Update: Futures Plunge After US Denies Hormuz Opening Report

Crude oil prices plunged in midday trading on Wednesday after the White House dismissed an Iranian media report about an imminent deal to reopen the Strait of Hormuz as a "complete fabrication."Front-month West Texas Intermediate crude futures slipped 4.37% to $89.79 per barrel, while Brent futures fell 4.15% to $95.45/bbl.Saxo Bank strategists said that even if a deal is reached, market normalization is likely to take months, with ongoing demand for replacement barrels and depleted inventories potentially leading to a higher price floor.President Trump said during his Cabinet meeting on Wednesday that no one nation would control the Strait of Hormuz, pushing back on Iranian demands to manage the vital energy waterway."Nobody's going to control it. It's international waters," Trump said. "The Strait's going to be open to everybody", and the US will "watch over it."Though Iranian media said on Wednesday that it had obtained an unofficial draft of an interim pact to end the Middle East, the White House called the reported memorandum of understanding "a complete fabrication.""This report from Iranian-controlled media is not true and the MOU they 'released' is a complete fabrication," the White House said in a social media post on X. "Nobody should believe what Iranian state media is putting out."On Wednesday, Trump said there's still work to be done to reach a deal, but he spoke with a measure of certainty that the two sides would get there."They want very much to make a deal," Trump said. "So far, they haven't gotten there. We're not satisfied with it, but we will be, either that or we'll have to just finish the job."Meanwhile, an Iranian official reportedly said that Iran and Oman are negotiating a new framework for maritime transit via the Hormuz, noting that previous arrangements will no longer govern passage through the strategic waterway.Iran and Oman, as neighboring littoral states, are jointly negotiating a new mechanism for the passage of ships through the Strait of Hormuz, Ali Bagheri, deputy secretary of Iran's Supreme National Security Council, said.Baqeri said Iran's enriched uranium stockpile is not part of the current peace talks, and the two sides have not yet reached an agreement on the reopening of the Strait. "Until we agree on all issues, we consider that we have not agreed on anything," Baqeri said.For now, the strategic waterway remains effectively blocked, subject to the dual blockade by the US and Iran."Negotiations between the US and Iran remain the key variable, with access likely to stay selective until a clearer framework for navigation is agreed," Kpler strategists said on Wednesday.

Oil & Energy73d ago

EMEA Oil Update: Crude Drops 3% After US Denies Report on Hormuz Opening

EMEA crude futures dropped by 3% in after-hours trading on Wednesday after the White House dismissed as a "complete fabrication" an Iranian media report on the details of a framework deal.Brent crude futures slipped 3.85% to $95.75 per barrel, while Murban oil futures retreated 3.76% to $91.48/bbl.Saxo Bank strategists said in a note that Iran's reluctance to allow ships free passage via the Strait of Hormuz and President Trump's desire for Tehran to commit to handing over its enriched uranium are some of the contentious issues under discussion.Though Iranian media reported on Wednesday that it had obtained an unofficial draft of an interim pact to end the Middle East, the White House called the reported memorandum of understanding "a complete fabrication."Speaking during his Cabinet meeting on Wednesday, Trump said there's still work to be done to get a deal done, but he spoke with a measure of certainty that the two sides would get there."They want very much to make a deal," Trump said. "So far, they haven't gotten there. We're not satisfied with it, but we will be, either that or we'll have to just finish the job."The report by Iranian media outweighed Tehran's earlier comments that the US had violated a ceasefire and a tanker on Tuesday, reporting an explosion off the Oman coast.Earlier on Wednesday, an Iranian official reportedly said that indirect contacts with the US were ongoing and that the country's stockpile of enriched uranium was not on the agenda for talks.Ali Bagheri, deputy secretary of Iran's Supreme National Security Council, said Iran's enriched uranium stockpile is not part of the current peace talks, and the two sides have not yet reached an agreement on the reopening of the Hormuz."Until we agree on all issues, we consider that we have not agreed on anything," Bagheri said.For now, the strategic waterway remains effectively blocked by a dual blockade imposed by the US and Iran.The US military has redirected 109 Iran-linked commercial vessels and disabled four others since imposing the blockade on April 13, the CENTCOM said on Wednesday.US-Iran negotiations remain the key variable, with access likely to stay selective until a clearer framework for navigation is agreed, Kpler strategists said on Wednesday.The International Energy Agency said in its May Oil Market Report that with Hormuz tanker traffic still restricted, cumulative supply losses from Arabian Gulf producers already exceed 1 billion barrels, with over 14 million barrels per day of oil now shut in.

Oil & Energy74d ago

Update: Market Chatter: Draft Peace Deal Proposes Iran Restoring Hormuz Traffic to Pre-War Levels in 1 Month

(Updates to include White House comments in the 5th and 6th paragraphs.)A draft peace framework between the US and Iran, seen by Iran's state broadcaster, proposes Iran restoring commercial transit to pre-war levels within a month of signing, media outlets reported on Wednesday.The draft also includes a requirement to withdraw US troops from the vicinity of Iran.Ship traffic through the Strait of Hormuz would be handled by Iran and Oman, according to the draft, the reports said.The draft has not been finalized yet and would require "tangible verification" for Iran to move forward with it, Iranian TV said, according to the reports.The official rapid response account on X for the White House said Wednesday that an earlier report by Iranian state media of a US-Iran interim peace deal is a "complete fabrication.""Nobody should believe what Iranian state media is putting out. FACTS MATTER," the White House said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Oil & Energy74d ago

US LNG Exports Jump in March as Europe Leads Demand Surge

US liquefied natural gas exports climbed to a record in March, driven by strong demand from Europe and Asia, the latest data from the Department of Energy showed on Wednesday.The Department said the US exported 890.7 billion cubic feet of natural gas in March while importing 247 Bcf, resulting in net exports of 643.7 Bcf.DOE said LNG shipments accounted for 573.5 Bcf, or 64.4% of total US natural gas exports, with cargoes delivered to 34 countries. Exports rose 16.2% from February and were up 25.2% from a year earlier, underscoring continued global appetite for US fuel supplies.Europe remained the dominant destination for US LNG, taking in 355.7 Bcf, or 62% of total LNG exports, followed by Asia at 140 Bcf. Africa imported 54.6 Bcf, while Latin America and the Caribbean received 23.2 Bcf.The data showed that 91.4% of US LNG exports went to non-Free Trade Agreement countries, with the remaining 8.6% shipped to FTA countries.France was the top destination for US LNG exports in March, with 65.2 Bcf imported, followed by the Netherlands at 58 Bcf, Egypt at 53.3 Bcf, Spain at 50.6 Bcf, and Italy at 50.4 Bcf. The top five destinations accounted for 48.4% of total US LNG exports.Pipeline exports to Mexico also remained strong. The US exported 196.9 Bcf of natural gas to Mexico and imported less than 0.1 Bcf from its southern neighbor, resulting in net exports of 196.8 Bcf.Trade flows with Canada moved in the opposite direction, with the US exporting 120.3 Bcf of natural gas to Canada while importing 246.7 Bcf, resulting in net imports of 126.4 Bcf.The DoE said net imports from Canada were down 25.3% from February 2026 and 22.6% from March 2025.

Oil & Energy74d ago

US Oil Update: Crude Dips as Iran State TV Reveals Details of Draft Peace Framework

Crude oil futures dipped on Wednesday following a report by Iran State TV, reported by media outlets, that a draft peace framework it has seen would require Iran to normalize shipping via the Strait of Hormuz within a month of its signing.Front-month West Texas Intermediate crude futures dipped 4.8% to $89.39 per barrel, while Brent futures fell 3.29% to $95.56/bbl.The draft would also require the US would to lift its naval blockade and withdraw nearby military forces, according to the media reports.Macquarie strategists note that a credible, verified deal could trigger a sharp, short-lived sell-off, knocking roughly $20 off oil prices within a week.However, energy trading desks remain deeply skeptical following several false dawns in the conflict.HFI Research emphasized that due to the logistics of a 60-day negotiation window, no meaningful volume of shut-in Middle Eastern crude will set sail before mid-summer, even if a deal is signed immediately.The market now awaits official inventory data from the US Energy Information Administration.The diplomatic rumors follow a sharp military escalation on Tuesday, when US Central Command launched "self-defense" strikes against Iranian missile batteries and mine-laying fast-attack craft.Iran's Islamic Revolutionary Guard Corps retaliated immediately, reportedly engaging a US F-35 fighter jet and downing several American surveillance drones.

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Oil & Energy73d ago