- President Trump said US officials had a "very good meeting" with Iran's delegation lasting about three hours, after saying he faces a "big decision" between a deal with Tehran and annihilating the country.
- Brent crude for November delivery fell 0.75% to $98.51 a barrel and WTI fell 1.03% to $89.59 as traders priced easing supply-disruption risk; Brent had retreated roughly 12% over five sessions from the zone above $100.
- The EIA reported commercial crude stocks up 3 million barrels to 426.4 million barrels, 2% above the five-year average, while distillates fell 400,000 barrels to 12% below historic norms; Brent traded at $101.40 and WTI at $92.00 after the release, with four-week total products supplied at 20.6 million bpd.
- Strait of Hormuz shipping risk stays elevated even as the volume of oil, natural gas and cargo passing through the strait reached its highest level in six months.
Quotes
“Over the past five consecutive sessions, the price has fallen by almost 12%, retreating once again from the 'intervention zone' above $100, where we have repeatedly seen intensified peace-building efforts from both sides”
“Pakistan's mediation efforts with Tehran could also reduce the risk of a broader escalation”
“Commercial crude stockpiles grew by 3 million barrels to 426.4 million barrels, pushing U.S. inventories 2% above the five-year average.”