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(Bloomberg) — Oil was steady after its first decline this week on optimism that talks between the US and Iran will see energy flows resume through the Strait of Hormuz.
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West Texas Intermediate traded below $93 a barrel, after sliding more than 3% on Thursday, while Brent closed near $95. President Donald Trump said that talks were going well, despite Iran-backed Hezbollah rejecting a US-brokered ceasefire deal between Israel and Lebanon.
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WTI has gained more than 6% this week after uncertainty over the progress of the negotiations eroded some of the earlier optimism for a deal that would lead to a resumption of oil flows through the strait — which carries about a fifth of the world’s crude and liquefied natural gas in peacetime. Futures are still down about a fifth since early April — when the US and Tehran agreed to a ceasefire that ended more than five weeks of fighting.
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“The move in WTI from pre-ceasefire highs of $110+ to current levels in the low-$90s was the proverbial low-hanging fruit — signaling the oil market’s relief that all-out war is over, and the region’s oil industry infrastructure has been mostly unscathed,” said Pavel Molchanov, an analyst at Raymond James. “Further price declines will hinge on meaningful recovery in Hormuz shipping volumes.”
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There was no sign of progress in talks between Tehran and Washington, with Israel’s continued military strikes in Lebanon becoming a major sticking point. Asked by reporters Thursday in the Oval Office about Hezbollah’s rejection of the Lebanon ceasefire, Trump said “they didn’t reject me” and claimed “they called us” to discuss a cessation of hostilities.
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—With assistance from Mia Gindis.
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English (US)