Brent crude futures fell to $100.5 per barrel on Wednesday as growing optimism for a resolution to the conflict with Iran pulled prices lower to start the new month.
WTI crude futures settled at $99.60 per barrel on Wednesday as growing optimism for a resolution to the conflict with Iran pulled prices lower to start the new month.
President Donald Trump suggested US military forces could leave the region within two or three weeks while confirming that Iran’s president has requested a ceasefire. Despite these gains, the White House maintained a firm stance noting that a ceasefire would only be considered once the Strait of Hormuz is open and secure for global shipping.
Elsewhere, commercial crude stocks surged by 5.5 million barrels to 461.6 million in the week ended March 27 which far exceeded analyst expectations and marked the sixth consecutive weekly increase. This domestic surplus was driven by a drop in refinery utilisation to 92.1 per cent and a decrease in crude runs of 219,000 barrels per day.
The strategic waterway remains a critical focus for energy markets after oil funds saw record trading volumes in March.
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