Oil Rises After Attack on Two Ships in Strait of Hormuz
0859 GMT - Oil prices bounce back, with Brent crude just shy of $100 a barrel as two ships came under attack in the Strait of Hormuz after President Trump said the U.S. would extend the cease-fire with Iran. Iran's Islamic Revolutionary Guard Corps fired at a container ship, while a second vessel was attacked off the coast of Iran, according to U.K. Maritime Trade Operations. In mid-morning European trading, Brent crude rises 1.4% to $99.80 a barrel, while WTI futures gain 1.7% to $91.16 a barrel after falling earlier in the session. (giulia.petroni@wsj.com)
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Oil Falls as Trump Extends Cease-Fire With Iran
0658 GMT - Oil prices slip after President Trump said the U.S. would extend its cease-fire with Iran until its leaders present "a unified proposal" to end the war, though the blockade of the country's ports will continue. In early European trading, Brent crude is down 0.9% to $97.58 a barrel after briefly rising back above $100 in the previous trading session, while WTI futures fall 1.1% to $88.77 a barrel. "Supply risks persist despite partial geopolitical relief," says Zaye Capital Markets' Naeem Aslam. "Overall, markets are not pricing in a full resolution, but rather a controlled easing of risk, leaving sentiment fragile and highly dependent on further geopolitical developments."(giulia.petroni@wsj.com)
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Global Oil Inventories Likely to Reach Record Low
0337 GMT - Global visible oil inventories are likely to fall to record lows even if flows through the Strait of Hormuz begin to recover by end-April, Goldman Sachs analysts say in a note. A lower risk premium, destocking ahead of a reopening of the strait and a moderation in spot buying have all contributed to softer oil prices since the cease-fire, they add. However, with estimated oil flows through the Strait of Hormuz still at about 10% of normal levels-and with any recovery likely to be gradual even after a full reopening-declines in global inventories are expected to continue through May or beyond. Front-month crude oil is 0.3% lower at $98.22 a barrel and WTI crude is down 0.5% at $89.28 a barrel.(sherry.qin@wsj.com)
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(END) Dow Jones Newswires
04-22-26 1133ET
