
Oil jumps 5% as Iran halts US talks and threatens to shut Hormuz
WTI jumped 5.3% to $92.22 and Brent held above $94 after Iran suspended its indirect talks with Washington and threatened to seal off the Strait of Hormuz.
Day-by-day tracking of the war and its impact on oil prices

WTI jumped 5.3% to $92.22 and Brent held above $94 after Iran suspended its indirect talks with Washington and threatened to seal off the Strait of Hormuz.

While Gulf oil sits trapped behind the Strait of Hormuz, Russia is selling all it can to India, China and now Southeast Asia, quietly banking record revenue.

A handful of oil and LNG tankers crossed the Strait of Hormuz in late May after three months of near-total blockade. Iran is controlling who passes and how.

WTI fell below $90 for the first time since April after US forces hit Iranian targets. The market read the strikes as deal pressure, not escalation.

Global oil stocks are falling at 8.5 million barrels per day in Q2, the fastest draw ever recorded. Yet crude has dropped 16% in a month on Iran deal optimism.

WTI fell 6% to $91.13 and Brent dropped below $98 after Washington and Tehran outlined a framework to extend the ceasefire and reopen the Strait of Hormuz.

WTI fell 9% to $98.57, its first trip below $100 since the war began. Trump predicted prices would plummet, and the Senate voted to limit his Iran war powers.

Trump shelved a planned Iran strike after Gulf allies asked for 2-3 more days. Brent swung from $112 to $111 as Iran sent a 14-point peace proposal.

The June WTI contract expires Tuesday. We now quote July at $101.02, down $4.40 from the expiring month. The curve is steeper than last time.