Latest news and analysis on oil, gas, and commodity markets
Trump pulled Kushner and Witkoff from Pakistan Saturday after Iran delivered demands and walked. With talks dead, oil futures face gap risk at Sunday's 6 PM ET reopen.
A senior Pentagon official told the House a full Hormuz mine sweep could need six months. The Pentagon then denied the number publicly, and Trump tripled the sweep fleet.
Brent held near $103 Thursday as Iran booked its first revenue from Hormuz tolls, the US seized another tanker, and CENTCOM's turnaround count hit 31 ships.
Brent surged 3.65% to $102.21 as Iran seized two container ships and skipped talks in Islamabad, even after Trump extended the US-Iran ceasefire indefinitely.
IEA chief Fatih Birol warns Europe has six weeks of jet fuel remaining. Airlines from KLM to Qantas are slashing routes, and fares are climbing fast.
The US-Iran ceasefire expires Tuesday night with no extension in sight. Tehran rejected new talks, Trump threatens force, and 230 tankers sit trapped in the Gulf.
Iran reimposed the Hormuz closure Saturday, fired on tankers, and is reviewing new US proposals. Trump warned Tehran against any attempt to blackmail the US.
Brent slid more than 12% Friday as 30 leaders met in Paris to plan a defensive Hormuz mission, Trump talked up an Iran deal, and the IEA flagged Covid-scale demand loss.
The May WTI contract expires April 21. We now print the June quote at $89.93, and the curve keeps stepping lower all the way out to late 2026.
The IEA cut its 2026 oil demand forecast by 730,000 barrels per day, projecting the first annual contraction since the pandemic as high prices and supply chaos ground down consumption.
Brent fell below $98 and Asian stocks surged after Trump said Iranian officials reached out wanting to negotiate. Pakistan has offered to host the next round.