Oil Markets Grow Numb to U.S.-Iran Ceasefire Drama
DOJ Urges States to Enforce Fuel Price-Gouging Laws 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 remain stuck in a tight range as traders look past geopolitical headlines and wait for clarity on the fragile U.S.-Iran ceasefire.
Following weeks of extremely volatile and geopolitics-driven trading, oil prices have been exceptionally calm this week, with ICE Brent trending within a narrow range of $71-73 per barrel.
This partly stems from pre-holiday liquidity dips; however, it could also be seen as the oil markets’ general fatigue with gauging the current status of the US-Iran ceasefire.
Iraq Mends Its Crude Ways with Turkey.An Iraqi oil delegationvisitedTurkey to discuss the future of the Kirkuk-Ceyhan pipeline agreement after Ankara had stated it sees no point in extending it, with Baghdad hoping to sign a temporary protocol to avoid a complete halt past the July 27 deadline.
Europe's On the Hunt for Russia's Shadow Tankers.The European Union hasexpandedthe mandate of its operation against tankers transporting Russian oil, prompting Cameroon to drop 39 shadow tankers from its ship registry after at least 5 flags with Cameroonian flags were detained in 2026 to date.
Canada to Build a New Giant Pipeline.The government of Canada has formallyannouncedit would build a new oil pipeline connecting Alberta to the Pacific coast, easing the country's reliance on US transits, with construction on the 1 million b/d conduit expected to begin as early as September 2027.
Colombia's New President Eyes Revamped NOC.Colombia's incoming administration of President-elect Abelardo de la Espriella is seeking to replace the board of state oil firm Ecopetrol (NYSE:EC) and appoint a new management immediately after taking office, signalling a pro-oil turn in Bogota's policy.
Qatar Resumes Hormuz LNG Transits.After a week-long lull in LNG transits through the Strait of Hormuz, Qatar appears to haveresumedeastbound flows with its Khuwair LNG carrier set to exit the waterway this weekend, marking only the 6th cargo sailing to China since the start of the US-Iran war.
Japan Shuns LNG, Doubling Down on Cheap Coal.Japan hasdrasticallycut its gas-fired generation in June, totalling 17.3 TWh and marking a 16% year-on-year drop, due to LNG prices stubbornly trading above $16 per MMBtu, boosting coal generation as Asian coal prices trade around $130 per tonne.
UAE Production Rebounds in June.According to tanker-tracking data, oilexportsfrom the United Arab Emirates jumped to more than 3.9 million b/d last month, just shy of the highest level on record as previously shuttered production in the Persian Gulf is gradually coming back to the markets.
Pakistan’s oil minister Ali Pervaizdeclaredthat the South Asian country is working to boost imports of liquefied petroleum gases (LPG) from Iran, putting the current le.
| 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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