Oil

Brent futures fell $2.72 or 2.9% to $90.38 a barrel and WTI fell $2.32 or 2.6% to $87.71. Prices dropped after Trump canceled planned strikes on Iran hours after threatening them, boosting hopes for a deal. Iran state media reported a draft agreement text but noted it is not yet agreed. Read →

Brent crude fell 2% below $89 a barrel and WTI traded near $86 after Thursday's close at a two-month low. Trump signaled a peace deal with Iran could be signed as soon as the weekend following recent strikes. Hopes for ending the war that has disrupted energy shipments drove the selloff. Read →

Brent crude settled at $69.77 per barrel, up $2.90 or 4.34%, while WTI rose to $68.15, up $3.17 or 4.88%. Both benchmarks hit their highest levels since early April after reports that the U.S. was preparing to evacuate its embassy in Iraq due to heightened security risks, with military dependents also potentially leaving Bahrain. Read →

OPEC's 11-member output fell 1.06 million barrels per day month-on-month to 16.13 million bpd in May, the lowest in over two decades per a Reuters survey. The drop stems mainly from a U.S. naval blockade cutting Iran's exports and the Strait of Hormuz closure slashing other Gulf producers' shipments, hitting OPEC+ targets hard. Read →

U.S. commercial crude inventories fell 7.2 million barrels to 426.5 million in the week ended June 5, exceeding expectations for a 4 million-barrel draw. Refinery crude runs rose as operators ramped up to offset Middle East supply shortfalls from the Iran conflict. Read →

India's refiners have locked in enough crude to cover needs through at least August by increasing purchases from ADNOC and other suppliers, including ship-to-ship transfers of LPG. The moves come as the world's third-largest oil importer navigates disruptions from the Iran war and Hormuz issues. Read →

Oil prices traded sideways after early gains on renewed US strikes against Iran following a helicopter incident near the Strait of Hormuz. A forecast US crude stock draw for the eighth straight week lent support, with Brent at $91.70 and WTI at $88.43. Renewed hostilities cloud near-term direction despite limited supply disruption pricing. Read →

China imported 7.82 million barrels per day of crude in May, down 29% year-over-year to the lowest level in more than eight years. Traders cite the drop by the top importer as key to holding oil below $100 despite the effective closure of the Strait of Hormuz. Lower refining activity and product exports drove the decline. Read →

Brent crude slipped toward $91 after rising as much as 2% intraday on news of US military action against Iran. WTI traded near $88 as markets assessed the brief campaign following the downing of a US helicopter. Traders remain focused on whether strikes escalate or de-escalate supply risks. Read →

Oil prices closed about 3% lower with Brent at $91.45 and WTI at $88.20 after US strikes on Iran in retaliation for an Apache helicopter incident. The move followed a brief halt in Iran-Israel exchanges and comes amid ongoing Middle East tensions. Markets digested the developments alongside other risk factors. Read →

Asian equities fell while oil prices edged higher on the latest US-Iran exchange of strikes, the biggest since an earlier ceasefire. Brent rose 0.7% to $92.08 and WTI 0.6% to $88.73, moving off recent seven-week lows. Markets priced only modest supply disruption risk despite Hormuz concerns. Read →

Russia plans to cut crude loadings from western ports to 1.7 million bpd in June from 2.5 million bpd in May. The move supports higher refinery runs amid looming fuel shortages and lower crude output. It reflects efforts to prioritize domestic fuel supply. Read →

Abu Dhabi National Oil Company launched its second spot tender in a week for Upper Zakum, Umm Lulu and Das crudes loading June-August. The tender closes June 11. It signals continued efforts to market UAE crude despite regional supply disruptions. Read →

Brent crude futures rose $4.42 to $97.15 a barrel and WTI climbed $4.07 to $94.61 after Israel struck a petrochemical plant in Iran's southwest and other targets, following Iran's missile retaliation. The escalation erodes hopes for quick de-escalation and restarts of flows through the Strait of Hormuz, which has been largely shut since late February. Read →

Seven core OPEC+ members agreed to raise production targets by 188,000 barrels per day starting July, the fourth such monthly increase. Most members cannot meet the targets due to the Hormuz closure, limiting any near-term physical supply impact. Read →

Global inventories have drawn at rates up to 9 million barrels per day recently, with US crude stocks at their lowest since 2004. Renewed strikes pushed prices up over 4% Monday, yet benchmarks remain below recent peaks amid uncertainty over China demand and Hormuz reopening timelines. Read →

U.S. crude exports hit record 5.6 million bpd in May as global supply shortfalls from the Middle East conflict pull barrels from domestic storage. Cushing, Oklahoma inventories have fallen 63.9 million barrels over six weeks to 43.4 million barrels, nearing operational minimums that risk quality issues and supply disruptions for refiners. Phillips 66 estimates Cushing could hit minimum levels by end-June, tightening prompt physical crude availability. Read →

Global oil inventories are running dangerously low with no deal yet to reopen tanker traffic through the Strait of Hormuz. Industry executives and analysts warn the buffer could exhaust in coming weeks, setting up a potential sharp price surge capable of disrupting broader financial markets. The duration of the supply shock, rather than current price levels, is the key variable for economic impact. Read →

OPEC Secretary General Haitham Al Ghais said the group sees no signs of declining oil demand and will maintain its 1.2 million bpd growth forecast for this year. The comments came despite the Middle East conflict and closure of the Strait of Hormuz at the St. Petersburg International Economic Forum. OPEC continues to expect robust demand growth without adjusting estimates. Read →