President Donald Trump has reportedly told aides that he's willing to end the U.S. military campaign against Iran even if the strait remains largely closed.
Brent crude has surged 13% in a week to trade above $110 a barrel, with WTI crossing $100 for the first time since June 2022, as the conflict with Iran shows no sign of resolution and the threat of a second major shipping disruption emerges in the Red Sea. Goldman Sachs, the US investment bank, estimates that flows through the Strait of Hormuz, the narrow waterway through which roughly 20 million barrels per day of oil normally passes, have collapsed to just 5% of normal levels as fighting continues between US and Iranian forces.
Crude oil continues to see noisy behavior on Tuesday, as traders try to sort out what the latest headlines are telling us, or what they are not.
Our Elliott Wave count indicates that the market is nearing a pivotal turning point. As the 5th wave tops out, risk management becomes crucial as Brent Oil prices can fall to $75.
The ongoing Iran-Israel-US war, Strait of Hormuz closure, and global economic risks. James Kostohryz explains why disruptions could persist for months.
President Donald Trump reportedly told aides he would end the war in Iran without reopening the trade route
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF), the oil and gas specialist company focused on Alaska's North Slope, is in advanced discussions with multiple major energy companies over a potential farm-in partnership as it seeks to convert its certified resource base into commercial production. In its interim results statement, the company said interest in Alaska is at its strongest level in recent years, with several major operators actively evaluating its Kodiak and Ahpun projects through a data room process.
The president is willing to end hostilities even if the Strait of Hormuz remains largely closed, WSJ reports
The West Texas Intermediate futures for May delivery extended gains, rising 3.5% to $106.44 a barrel as of 8:25 p.m. ET, on track for its biggest monthly surge since 2020.
Iran's effective closure of the Strait of Hormuz has pushed Brent futures up 59% so far in March, its highest monthly gain ever, while WTI is up 58% this month, the most since May 2020.
Deutsche Bank has warned that consumables-heavy medical device companies face the greatest exposure to rising petrochemical input costs, as recent polymer price moves add a new layer of cost pressure across UK healthcare and life sciences. Analyst Kane Slutzkin notes that polypropylene and polyethene prices have risen around 35-40%, creating potential headwinds for companies whose products rely on polymer-based inputs.
Egypt's President Abdel Fattah al-Sisi urged U.S. President Donald Trump on Monday to stop the Iran war and said fears of the oil price going above $200 were not exaggerated.