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Oil Prices Rebound as Optimism Around US-Iran Truce Wanes

Oil prices increased Thursday, with US crude crossing $100 a barrel as shipment activity through the Strait of Hormuz remained restricted despite a two-week ceasefire between Washington and Iran.West Texas Intermediate crude traded as much as $102.70 a barrel on Thursday, and was last up 3.4% at $97.57. Brent crude climbed 0.9% to $95.61, having hit $99.50 earlier in the session.The rebound in oil prices follows the sharpest one-day pullback since 2020 in the previous session as the US and Iran agreed to temporarily halt hostilities that had gripped the Middle East.As part of the ceasefire, Washington demanded the immediate opening of the Strait of Hormuz, while Tehran said it would allow "safe passage" through the crucial waterway, subject to coordination with Iranian authorities.But access to the strait remained restricted, Abu Dhabi National Oil Co. Chief Executive Sultan Al Jaber said in a LinkedIn post Thursday."The Strait of Hormuz is not open. Access is being restricted, conditioned and controlled," said Al Jaber, who also serves as the United Arab Emirates minister of industry and advanced technology.Iranian state media previously reported that transit through the strait was halted following Israeli attacks on Lebanon. Israeli Prime Minister Benjamin Netanyahu said the country would negotiate with Lebanon on disarming Hezbollah, CNN reported on Thursday.Meanwhile, Gulf countries, including the UAE, continued to face attacks despite the ceasefire, RBC Capital Markets said in a report e-mailed toon Thursday."We continue to contend that actual transit levels through the waterway will remain significantly depressed given that Iran is insisting vessels must coordinate with its military or face destruction," Helima Croft, head of global commodity strategy at RBC, said.Officials from Washington and Tehran are expected to meet this weekend in Pakistan, which helped broker the truce.Overnight, President Donald Trump said in a post on Truth Social that US ships, aircraft and military personnel will remain in and around Iran until the "real agreement reached is fully complied with.""With a full reopening of the strait unlikely in the near term, oil prices are expected to remain supported, as disruptions linked to reduced output and refinery shutdowns will take time to unwind," ING Bank said in a note.

Oil & Energy18d ago

US Crude Shipments Poised to Break 5 Million b/d Record in May, Bloomberg Analysis Says

US crude exports are set to reach 5 million barrels per day in May as global supply disruptions drive demand, Bloomberg said in a Thursday analysis.Shipments from the US Gulf Coast are already nearing 4.9 million b/d in April, up from about 3.97 million b/d in March, according to the analysis.The increase reflects stronger overseas demand, particularly from buyers seeking alternatives to constrained Middle Eastern crude supplies, according to the report.Analysts expect flows to rise further in May, supported by a growing number of very large crude carriers loading in the region to meet stronger export demand.Matt Smith, Kpler's commodity research director, said exports in May may climb past 5 million b/d, topping the earlier 4.5 million peak, supported by continued strong buying interest from Asia, according to the analysis.The surge comes as global markets face severe supply tightness, with US exports playing a key role in stabilizing flows amid geopolitical disruptions, according to the analysis.With summer demand approaching, rising exports could force US refiners to pay more to retain supply, while gasoline prices above $4 per gallon may increase political pressure ahead of midterm elections.Exports have briefly neared 5 million b/d, according to the EIA, but haven't held that level over a month, suggesting May could mark the first sustained period near that threshold, according to the analysis.Around 28 supertankers have been booked for May loadings, far above the typical five at this time of the month, the analysis added.Some projections suggest exports could climb as high as 5.3 million b/d if current vessel scheduling trends hold, supported by continued buying interest from Asia.A recent shipment saw the VLCC Asian Progress VI fixed to carry crude from Occidental Petroleum to East Asia for about $19 million, the analysis added, citing a Bloomberg note.Despite strong demand, the US export system is nearing capacity limits, with logistical challenges beginning to constrain further growth, the analysis said.Limited vessel availability, a shortage of smaller feeder ships, and rising freight costs could cap exports near 5.5 million b/d without additional shipping capacity, according to the analysis.

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Asia Markets18d ago

European Stocks Mostly Lower in Thursday Trading; Oil Prices Rise as Ceasefire on Shaky Ground

The European stock markets were moving mostly lower in Thursday trading as investors monitor the Middle East war amid rising oil prices due to the Strait of Hormuz remaining closed to most shipping traffic.The Stoxx Europe was declining 0.4%, Germany's DAX was down 1.4%, the FTSE 100 was off 0.3%, France's CAC was moving 0.5% lower, while the Swiss Market Index was up 0.1%.The European Commission's Oil Coordination Group, member nations, and industry representatives said in a meeting Wednesday that the region's oil supply remains stable amid soaring oil prices spurred by the Middle East war. They emphasized the importance of maintaining transparency and coordination at the EU level, as well as avoiding any unnecessary disruption in the markets.Energy stocks benefitted from oil prices rising again as a proposed ceasefire is on shaky ground. BP and Shell shares were adding 3.2% and 1.4% respectively in London, while TotalEnergies gained 2.7% in Paris, and Eni was up 4% in Milan.And in corporate news, Novartis said Thursday it will expand its programs to find and treat patients with heart disease and cancer in "hard-to-reach" communities worldwide.By 2030, three Novartis community health approaches focused on closing gaps in care for low-income, rural and other communities will almost triple to more than 30 countries, the company said.Shares of Novartis were up 0.3% in Zurich.Novo Nordisk said Thursday that the European Medicines Agency has approved an update to the Wegovy injection's product information, allowing it to be delivered to patients at a controlled temperature of up to 30 degrees Celsius for up to 48 hours.Previously, the injection had to be kept cold for the entirety of the distribution and delivery process, from where it was made to where it will be used, the company said.Shares of the Danish pharmaceutical company were off 0.8% in Copenhagen.UBS-led lender group has funded TJC-backed Echo Global Logistics' acquisition of ITS Logistics, after talks to sell the $765 million loan for the merger were paused due to ongoing market turbulence, Bloomberg reported Wednesday evening, citing people familiar with the matter.The UBS-led group funded the loan after the acquisition was completed at the end of March, the people reportedly said, adding that the group plans to try to syndicate the debt to investors at a later date.UBS, TJC and Echo Global Logistics did not immediately respond to' request for comment on Thursday.Shares of the Swiss bank gained 0.3%.Stellantis' production at its factories in Italy rose 9.5% to 120,366 vehicles in Q1 compared with a year earlier, according to media reports citing Italian labor union FIM-CISL.The automaker is expected to manufacture 500,000 vehicles in Italy in 2026, up from approximately 380,000 in 2025, according to the reports.Shares of Stellantis were little changed in Paris.

Financial News · Live Terminal

Oil Prices Rebound as Optimism Around US-Iran Truce Wanes

US Crude Shipments Poised to Break 5 Million b/d Record in May, Bloomberg Analysis Says

Oil Prices Rebound as Optimism Around US-Iran Truce Wanes

US Crude Shipments Poised to Break 5 Million b/d Record in May, Bloomberg Analysis Says

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European Stocks Mostly Lower in Thursday Trading; Oil Prices Rise as Ceasefire on Shaky Ground

UK Stocks Subdued on Middle East Ceasefire Doubts

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Iran Ceasefire Raises Hopes for Hormuz Reopening, Risks Persist, UN Says

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