Brent rose for an eighth day to above $111 and WTI topped $100 on reports Trump will extend the Iran port blockade.
Brent rose for an eighth day to above $111 and WTI topped $100 on reports Trump will extend the Iran port blockade. The dollar firmed.
Earlier, US crude inventories dropped for a second week Summary: Brent crude rose for an eighth consecutive day, gaining above $111.75 a barrel, with the more active July contract at $104.84 WTI climbed for seven of the last eight sessions, rising to $100.50 after a gain in the prior session The Wall Street Journal reported late Tuesday that Trump has instructed aides to prepare for an extended blockade of Iranian ports, prolonging supply disruptions from the Middle East The Strait of Hormuz, a conduit for roughly 20% of global oil and LNG supplies, remains shut as Iran blocks shipping flows and the US blockades Iranian ports API data showed US crude inventories fell 1.79 million barrels for the week ended 24 April, with gasoline stocks down 8.47 million barrels and distillates down 2.60 million barrels, a second consecutive weekly decline across the board Diplomatic negotiations remain deadlocked, with Iran seeking reparations, sanctions relief and some form of control over the Strait, while Washington demands an end to Tehran’s nuclear programme The US dollar firmed Oil extended its multi-day rally on Wednesday after reports confirmed that President Trump is preparing to prolong the blockade of Iranian ports, a move that markets interpreted as signalling a further tightening of Middle East supply at an already stretched moment for global crude inventories. Brent futures climbed for an eighth consecutive session, rising to $111.75 a barrel in early Asian trade, with the more actively traded July contract at $104.84. WTI gained to reach $100.50 a barrel.
The $100 level for WTI carries psychological weight, and its breach is likely to draw additional momentum from algorithmic and trend-following strategies. The catalyst was a Wall Street Journal report, citing US officials, that Trump has instructed his team to prepare for an…