Oil Steadies as Russian Port Resumes Exports

WTI crude futures were lower at around $100.7 per barrel at the start of April, though they pared most of their earlier losses as hopes for a swift de-escalation of the conflict with Iran began to fade. US President Donald Trump said Iran is seeking a ceasefire and that Washington would consider one once the Strait of Hormuz is open, free, and secure, adding that until then, the US is blasting Iran into oblivion. Earlier, the President had suggested the US could end its military involvement within two to three weeks, a comment that briefly pushed oil prices down to as low as $96.5 per barrel. In reality, however, the Strait of Hormuz remains largely closed, with attacks continuing across the Gulf. Around 25% of global seaborne oil trade transits through the Strait, with roughly 80% of those flows destined for Asian markets. In March, oil prices surged more than 50%, marking their largest monthly gain since May 2020 and reaching their highest levels since 2022.

WTI crude oil futures slid more than 2.5% below $99 per barrel in the first trading session of April, following a record monthly jump in March, weighed by hopes of de-escalation in the Middle East. President Trump told reporters that US forces could withdraw from Iran within two to three weeks and suggested a deal with Tehran might be possible, though not necessary to end the conflict. However, markets remained cautious as additional US troops arrived in the region, while Tehran said no formal peace talks were underway but signaled a willingness to end the war if its conditions are met. All eyes are now on Trump’s nationwide address on the Iran conflict later today. Meanwhile, Iranian drones struck fuel tanks at Kuwait International Airport, triggering a large fire and causing damage, adding to recent attacks on energy infrastructure. Elsewhere, API data showed US crude inventories surged by 10.263 million barrels last week.

WTI crude oil futures fluctuated around $101 per barrel on Wednesday, following a record monthly jump in March, as markets weighed President Trump’s remarks amid fresh attacks in the Persian Gulf. Trump told reporters that US forces could withdraw from Iran within two to three weeks and suggested a deal with Tehran might be possible but was not required to end the conflict. However, markets remained cautious as additional US troops arrived in the region, and Tehran said no formal peace talks were underway but signaled willingness to end the war if its conditions are met. All eyes are now on Trump’s nationwide address on the Iran conflict later today. Meanwhile, Iranian drones struck fuel tanks at Kuwait International Airport, triggering a large fire and damaging the tanks, adding to recent attacks on energy infrastructure. Elsewhere, API data showed US crude inventories surged by 10.263 million barrels last week.