Evidence suggests the US Navy is moving more crude through the Strait of Hormuz than official data indicates, easing supply concerns. Oil prices fell after the US energy secretary reported a meaningful increase in Hormuz transits, with indications the US Navy is facilitati
ING analysts Warren Patterson and Ewa Manthey note that WTI and Brent fell sharply but see upside for Oil prices as US–Iran tensions persist and no peace deal is in sight. They highlight tightening global and US Oil markets, falling inventories, and sharply lower Chinese O
Oil prices remain subdued near two-month lows amid Middle East tensions and upcoming US inflation data. West Texas Intermediate crude trades near $87.50, nearly flat for the day, as renewed US-Iran hostilities and the Strait of Hormuz closure support prices. The commodity
Oil prices increase after US strikes Iranian targets The US launched self-defense strikes against Iranian military targets near the Strait of Hormuz. Brent crude was up 1.03% at $92.39 per barrel, while West Texas Intermediate gained 0.91% to trade at $89.00 per ba
WTI oil price stabilizes around $87.40 per barrel WTI oil price experiences volatility after registering over 2.5% losses in the previous day. The conflict in the Middle East has renewed severe supply anxieties, causing crude oil prices to advance. Industry
13 million barrels per day wiped off global supply The oil market has been guided by sentiment and hopes of an imminent peace deal. About 13 million barrels per day have been wiped off global supply due to the closed Strait of Hormuz. The oil futures market
API data shows a sharper-than-expected decline in crude inventories, extending an eight-week drawdown of 44 million barrels. US crude oil inventories fell by 9.119 million barrels in the week ended June 5, exceeding analysts’ forecast of a 3.4 million-barrel draw. The decl
Crude oil draw exceeds expectations A private inventory survey showed a significant decline in crude oil stocks. The draw was much greater than expected, with a decrease of 3.4 million barrels anticipated. The S&P 500 and Nasdaq experienced volatility, with
Iraq's crude export routes expire on July 27 Iraq has less than two months before it loses key oil export routes through Turkey. The agreement to move crude through two pipelines into Turkey expires on July 27. Prior to the effective closure of the Strait o
The Bureau of Land Management seeks public input on 114 parcels ahead of a December 2026 lease sale. The Bureau of Land Management has initiated a 30-day public comment period for a proposed oil and gas lease sale in Colorado, covering 126,744 acres. The sale, scheduled fo
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