CRUDE WRAP: WTI (U6) SETTLES USD 2.10 HIGHER AT USD 84.50/BBL; BRENT (V6) SETTLES USD 2.35 HIGHER AT USD 90.87/BBL
Crude prices rose over $2 as Iran adopted an 'offensive' policy stance and seized a UAE tanker, despite ongoing de-escalation talks with Qatar and Oman.
News detail
The crude complex settled around highs as benchmarks ground higher through the duration of the US afternoon. Newsflow has been pretty quiet, but a couple of US/Iran headlines have been the highlight; Al-Arabiya sources said the 60-day period between Iran and the US has been extended, while a Senior Iranian official said Iran has decided to shift its policy from defensive to a 'fully offensive' one. Meanwhile, Trump stated there are ongoing back channels with the IRGC, but the IRGC denied this. Furthermore, Fars reports the seizure of a violating UAE oil tanker in the Strait of Hormuz. On the more constructive side, Iran said there are ongoing contacts with Qatar on de-escalatory efforts whilst talks are ongoing with Oman regarding an agreement over shipping through the Strait of Hormuz. For the record, WTI traded between USD 81.50-84.88/bbl and Brent USD 88.01-91.21/bbl.
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