
- Brent crude traded at $110.30 per barrel and WTI at $99.12 per barrel, both up over 1% from Tuesday.
- A sizable US crude draw estimated for last week and API data showing continued US crude and product drawdowns supported prices.
- Middle East supply fears persist, with a WSJ report citing Middle East oil flows at 24 million barrels daily while Kpler estimated Hormuz flows at 8.5 million barrels daily amid intensified Iranian attacks.
- Record Persian Gulf freight rates add to the oil price pressure, as tankers are used less efficiently amid Middle East developments.
Quotes
“We believe this is a mix of profit taking and optimistic hopes of a Qatar- or Pakistan-brokered deal, countered by the realisation that any deal is still very distant”
“less efficient use of tankers due to developments in the Middle East”