Brent crude holds below $80 as strong US distillate exports and Middle East disruptions tighten refined product supplies.
ICE Brent crude remains below $80 per barrel as markets weigh a potential US-Iran deal to restore energy flows through the Strait of Hormuz. Iran and Oman announced progress on new shipping arrangements, though US involvement remains a key hurdle.
US commercial crude inventories rose by 2.48m barrels last week, while the Strategic Petroleum Reserve fell by 2.84m barrels, resulting in a marginal 362k barrel decline in total crude stocks. Crude imports increased by 515k barrels per day, with exports up 218k barrels per day.
Strong US distillate exports and disruptions in the Middle East and Russia continue to tighten refined product markets, offsetting pressure on crude prices.