CRUDE WRAP: WTI (V6) SETTLES USD 1.30 HIGHER AT 83.53/BBL; BRENT (X6) SETTLES USD 1.58 HIGHER AT 88.52/BBL
Crude markets face heightened volatility as Strait of Hormuz transit constraints limit OPEC+ supply, while softer Chinese demand partially offsets geopolitical supply risks.
News detail
The crude complex settled in the green as Iran/US rhetoric worsened on Thursday, reversing any initial progress. In later trade, WTI andd Brent rose to session peaks of USD 84.27/bbl and USD 89.17/bbl, respectively, after a WSJ report, citing sources, said that the Trump admin has repeatedly told mediators it has no interest in going back to the terms of the MoU it reached with Iran in June, and Trump is willing to wait and see if squeezing Iran economically bears fruit. Prior to all this, the White House remarked no negotiations happening right now and all options remain on the table, and the naval blockade is to remain. Meanwhile, Iran warned that vessels breaching its new Hormuz transit rules could face blacklisting, while a senior Iranian security official threatened proportionate retaliation against US-linked shipping, energy, insurance and financial interests if Washington seizes Iranian oil cargoes. For the record, WTI rebounded off earlier troughs of USD 80.65/bbl and Brent USD 85.32/bbl, to settle around highs.
What do investors think?
StockNow uses AI to translate and analyze information and does not guarantee its accuracy or completeness.