- Brent and WTI prices pared earlier gains after Iran reportedly struck Kuwait, Jordan and Bahrain following new U.S. attacks, keeping the Strait of Hormuz central to market risk.
- U.S. crude inventories fell 4.5 million barrels to 424.5 million barrels for the week ending August 28, but remained 1% above the five-year average.
- U.S. petroleum products supplied, a demand proxy, averaged 20.4 million barrels per day over the latest four weeks, down 4% from a year earlier; distillate demand fell 6%.
- Stocks and bonds rebounded as oil prices pulled back from their war-driven rally, easing immediate inflation pressure for traders.
Quotes
“The longer the war with Iran goes on, oil prices will continue to stay elevated and volatile”
“I'm not trying to force Iran to the bargaining table”
“Venezuelan Oil Replenishing US SPR a ‘Pure Fantasy,’ Says Stephen Schork”