CRUDE WRAP: WTI (Z6) SETTLES USD 2.21 HIGHER AT 88.74/BBL; BRENT (F7) SETTLES USD 3.06 HIGHER AT 95.82/BBL
ORIGINAL · NewsquawkCRUDE WRAP: WTI (Z6) SETTLES USD 2.21 HIGHER AT 88.74/BBL; BRENT (F7) SETTLES USD 3.06 HIGHER AT 95.82/BBLRead originalHide original
The crude complex gained, as US-Iran updates were less conducive to improving relations. A modest bounce was seen in the European morning after the IRGC announced that two crude-carrying vessels had been struck in Hormuz, before further upside followed when US President Trump said “we don’t need a deal with Iran. Those days have long since passed”. The President also directed VP Vance to focus entirely on domestic issues. Vance had been seen as the potential face of a peace agreement with Iran, so the comment potentially implies the Rezaei meeting will not go ahead. As a reminder, the WSJ reported around Wednesday’s settlement that there had been preliminary discussions for Vance to meet Rezaei. Meanwhile, Fars reported that explosions were heard at several points in Sirik, eastern Hormozgan province, Iran over the past few hours and sources stated the sounds were caused by warning shots fired at offending ships. However, IRNA then reported that explosions were due to a military strike. In the weekly EIA data, delayed by a day due to Veterans Day, crude, distillates and gasoline all saw unexpected builds, while crude production rose 10k BPD W/W to 14.013mln BPD. For the record, WTI traded between USD 85.13-88.69/bbl, while Brent hit a low of USD 91.19/bbl vs. a later high of USD 96.16/bbl around settlement.
WTI and Brent settled higher as US-Iran signals turned less conducive to improved relations, after earlier reports had described a possible but preliminary Vance–Rezaei meeting.
News detail
The crude complex gained, as US-Iran updates were less conducive to improving relations. A modest bounce was seen in the European morning after the IRGC announced that two crude-carrying vessels had been struck in Hormuz, before further upside followed when US President Trump said “we don’t need a deal with Iran. Those days have long since passed”. The President also directed VP Vance to focus entirely on domestic issues. Vance had been seen as the potential face of a peace agreement with Iran, so the comment potentially implies the Rezaei meeting will not go ahead. As a reminder, the WSJ reported around Wednesday’s settlement that there had been preliminary discussions for Vance to meet Rezaei. Meanwhile, Fars reported that explosions were heard at several points in Sirik, eastern Hormozgan province, Iran over the past few hours and sources stated the sounds were caused by warning shots fired at offending ships. However, IRNA then reported that explosions were due to a military strike. In the weekly EIA data, delayed by a day due to Veterans Day, crude, distillates and gasoline all saw unexpected builds, while crude production rose 10k BPD W/W to 14.013mln BPD. For the record, WTI traded between USD 85.13-88.69/bbl, while Brent hit a low of USD 91.19/bbl vs. a later high of USD 96.16/bbl around settlement.
What do investors think?
StockNow uses AI to translate and analyze information and does not guarantee its accuracy or completeness.