Brent crude fell 0.6% after US crude exports reached all-time highs amid mixed geopolitical signals and algorithmic selling.
US crude exports surged to record levels as oil prices retreated from recent highs. Brent crude for July delivery dropped 0.6% to trade lower, reflecting market optimism over potential easing of Middle East tensions despite contradictory US-Iran messaging.
Analysts noted heavy algorithmic selling following positive US statements, even as Washington maintained aggressive rhetoric. The pullback suggests traders priced in a partial reopening of the Strait of Hormuz, though supply balances remain tight.
The divergence between geopolitical signals and market reactions highlights uncertainty in crude pricing dynamics amid shifting supply expectations.