WTI Hits $100

WTI crude oil futures eased to $91 per barrel after having reached $95 earlier on Monday after Iran stated it had ended its military operations against Israel. US President Trump added that both countries were close to a new ceasefire and that there was progress between Washington and Tehran, easing concerns that the escalation would hamper negotiations that gradually restore exports of oil through the Persian Gulf. Israel also signaled it will hold fire for the moment the exchange of strikes with Iran in the weekend breached their ceasefire drove oil futures to surge in Asian trading. Separately, OPEC+ approved another increase in July oil production quotas of 188,000 barrels per day despite persistent supply risks stemming from tensions in the Middle East. Fresh data indicating an aggressive pullback in imports by China also limited supply pressures, as Asia's top consumer has relied on inventory instead of overseas supply since the start of the conflict.

WTI crude oil futures eased to $91 per barrel after having crossed $95 earlier on Monday after Iran stated it had ended its military operations against Israel. US President Trump added that both countries were close to a new ceasefire and that there was progress between Washington and Tehran, easing concerns that the escalation would hamper negotiations that gradually restore exports of oil through the Persian Gulf. Still, Israel refrained from signaling their de-escalation, after the first strikes between Iran and Israel since their ceasefire had driven oil futures to surge at the start of the week. Separately, OPEC+ approved another increase in July oil production quotas of 188,000 barrels per day despite persistent supply risks stemming from tensions in the Middle East. Fresh data indicating an aggressive pullback in imports by China also limited supply pressures, as Asia's top consumer has relied on inventory instead of overseas supply since the start of the conflict.

WTI crude futures jumped more than 4% to above $94 per barrel on Monday, rebounding from a two-session decline after Iran and Israel exchanged missile strikes, threatening to derail President Trump's efforts to secure a new 60-day ceasefire with Tehran. The proposed truce is intended to pave the way for broader negotiations aimed at ending the conflict permanently. Trump also called on both sides to avoid further military action and reiterated that negotiations remain ongoing despite the renewed hostilities. Meanwhile, the prolonged conflict and the continued near-closure of the Strait of Hormuz have disrupted energy supplies from the Persian Gulf, providing ongoing support to oil prices. Separately, OPEC+ approved another increase in July oil production quotas of 188,000 barrels per day despite persistent supply risks stemming from tensions in the Middle East.