(July 3): Oil steadied as tanker flows through the Strait of Hormuz increased further, adding to a gush of near-term supply.
West Texas Intermediate traded around US$68 a barrel, after fluctuating in the previous session, while Brent closed below US$72. On Thursday, the prompt spread briefly flipped into a shallow contango — a sign of oversupply — for the first time since November, while Saudi crude exports surged to 90% of their pre-war levels as more of the kingdom’s tankers get through the critical waterway.
Prices have fallen this week on positive discussions in Qatar between the US and Iran to convert their interim 60-day truce to open the strait, which connects Persian Gulf producers to global markets, into a lasting peace. US President Donald Trump said in a CNBC interview that Iran has agreed to “just about everything we need” in negotiations.
Uploaded by Isabelle Francis
