Oil heads for weekly advance with Iran war resolution at impasse

Yongchang Chin & Charles Gorrivan / Bloomberg05-15

The war has driven global oil inventories down at a record pace.(May 15): Oil headed for a weekly gain on Friday as the crucial Strait of Hormuz remains effectively closed, with efforts to end the war...

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West Texas Intermediate (WTI) was above US$103. President Donald Trump has made conflicting remarks on Hormuz, telling Fox News the US doesn’t need the waterway open, and then later saying “we want the straits open” while sitting alongside Chinese leader Xi Jinping during their summit in Beijing.\nThe war has driven global oil inventories down at a record pace, and the market will remain “severely undersupplied” until October even if hostilities end next month, the International Energy Agency said this week. US data released on Tuesday underscored how the conflict is reigniting inflation, piling domestic pressure on Trump ahead of the midterm elections in November.\nChina and the US have reached consensus on stabilising economic and trade relations, according to a report from the official Xinhua News Agency, which cited remarks from Xi following his meeting with Trump on Friday.\nThe Friday meet was the second of the leaders summit. On Thursday, they spoke about the Iran war and the Strait of Hormuz, according to an official from the White House. The US leader said Xi liked the idea of buying more American oil, though China’s official readout did not include energy among the topics they discussed. It did say the Middle East was addressed.\nA ceasefire has been in place since early April, despite a series of flareups, but Washington and Tehran appear to be making little progress towards resolving their differences. Trump recently said the truce was on “massive life support”, while deriding the Iranian response to his proposal to end the war.\n“I think the path of least resistance in the very near term for prices remains more to the bullish side as we continue to see crude oil and fuel inventories contract,” said Dennis Kissler, a senior vice-president for trading at BOK Financial Securities Inc. “Since the current agreements are far apart, escalation of tensions are more likely than not.”\n\n\n\nPrices:\n\n\n\n\nBrent for July settlement climbed 1.9% to US$107.71 a barrel at 2.07pm in Singapore.\nWTI for June delivery was 2.3% higher at US$103.47 a barrel.\n\n\n\n\n\nA US naval blockade of Iran’s ports remains in place, while the waters in the region continue to be treacherous for mariners. A commercial vessel was seized by unauthorized personnel at the entrance to the strait on Thursday and taken into Iranian waters.\nOnly a trickle of tankers have exited the Persian Gulf since the conflict started, sapping vital flows of energy including natural gas to global customers. Trading house Vitol Group is offering Iraqi crude — outside Hormuz — to buyers, in a sign that some cargoes may have successfully made it out of the gulf.\nFlows of crude and fuels through the Strait of Hormuz fell by almost 6 million barrels a day in the first quarter after hostilities began in late February, according to the Energy Information Administration said this week.\nUploaded by Tham Yek Lee","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2635034196","isCrawlerRequest":true}