A War of Words Sends Brent Crude to a Two-Month Low
Military Helping Move 7 Million Bpd Out of Persian Gulf, Wright Says Tom majored in International Business at Amsterdam’s Higher School of Economics and later completed an Executive MBA in Energy Transition at the University of Groningen.… Oil prices slid to a two-month low as conflicting signals from Washington and Tehran fueled uncertainty over a potential U.S.-Iran deal, keeping traders on edge throughout a volatile week.
In a particularly volatile trading week, the allocation of roles between Iran and the United States seemed to have switched constantly.
If an impending deal was announced by US President Trump, Tehran would deny it, and reversely if the Iranian leadership broke the media silence with talks of a breakthrough, Trump would castigate them for being ‘weak and pathetic’.
All in all, the pricing downside prevailed this week with ICE Brent falling to a two-month low of $88 per barrel.
China’s Appetite for Saudi Oil Disappears.Chinese refiners have nominated a record-low volume of term Saudi crude barrels loading in July, with only 12 million barrels (or 387,000 b/d) expected to load next month as the relative high coast of Aramco’s formula prices dissuaded buying interest.
OPEC’s monthlyreport, published this Thursday, saw the Vienna-based organization’s second straight downward correction for 2026 demand growth, now expecting this year’s consumption growth to be ‘only’ 970,000 b/d, down 200,000 b/d from a month ago.
US Boasts of Giant Hormuz Transit Flow.US Energy Secretary Chris Wrightannouncedthat the US military helps move 7 million b/d of crude out of the Persian Gulf, as demonstrated by recent spot tenders issued by the UAE and Kuwait for barrels loading outside of Hormuz, in Sohar and Fujairah.
Canada Eyes New Asia-Bound Pipelines.Boosted by TMX’s rise, Canada's Alberta government isplanningto start the construction of a new 1 million b/d pipeline bringing heavy crude to the country's Pacific Coast in 2027, citing strong interest from Chinese, Indonesian and South Korean refiners.
White House Puts Further Pressure on Cuba.The Trump administration hassanctionedCuba's state-owned oil company Cupet, expropriated from Exxon by Fidel Castro in 1960, claiming that the island nation is leveraging energy trade to repress its own people, leading to fuel shortages and blackouts.
India Protests US Strikes on Indian Ships.India's Foreign Ministry has filed a formal protest to the United States for their military strikes on at least three commercial vessels off the coast of Oman, with three Indian sailors killed in the June 10 strike on the Palau-flaggedSettebelloproduct tanker.
Venezuela Clinches Long-Awaited Gas Deal.Venezuela's interim Rodriguez government hassignedfive agreements with UK-based energy major Shell (LON:SHEL) to advance oil and gas projects, including the giant 7 Tof Loran offshore field straddling the border with Trinidad and Tobago.
Woodside Pre-empts PetroChina’s Divestment.Aust.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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