Crude Oil WTI is up by 4%

WTI crude futures slipped toward $93 per barrel on Friday, trimming gains from the previous session after US President Donald Trump voiced optimism about a possible agreement to end the conflict with Iran. He said Tehran had accepted terms that include abandoning ambitions for a nuclear weapon, providing “free oil,” and reopening the Strait of Hormuz, though Iranian authorities have yet to confirm the claims. Trump also announced a 10-day ceasefire between Israel and Lebanon, which was confirmed by Israeli Prime Minister Benjamin Netanyahu. Meanwhile, the Strait of Hormuz remains effectively closed due to a dual blockade by the US and Iran, keeping markets on edge over further disruptions to global energy flows. Meanwhile, IMF Executive Director Fatih Birol warned that restoring a meaningful portion of disrupted oil and gas output could take up to two years.

Crude Oil WTI increased 4% to 94.938 USD/Bbl

WTI crude oil rose as much as 4% to above $95 per barrel as doubts resurfaced over ongoing US–Iran negotiations. It is reported that the peace talks now point to diminished prospects for a broad agreement and opening of the Strait of Hormuz and are now focused on securing a temporary memorandum to avoid renewed conflict. Meanwhile, benchmark prices showed little immediate reaction after President Trump said Israeli and Lebanese leaders had agreed to begin a 10-day ceasefire starting Thursday. Further supporting prices, signs of tightening supply are emerging. After seven consecutive weeks of builds, US crude inventories fell by 9.13 million barrels last week, far exceeding analysts’ expectations for a 154,000-barrel increase, according to the US Energy Information Administration.