U.S. crude oil inventories rose for the first time in 11 weeks, increasing by 3 million barrels, as production and imports increased and exports fell.
U.S. strikes on Iran and the revocation of Iranian oil sales licenses have driven crude oil up 6.3% to nearly $75/barrel. Allstate (ALL) faces a lawsuit from Oklahoma, alleging systematic underpayment and denial of legitimate storm-related insurance claims.
Oil prices rose in early European trade after the U.S. and Iran exchanged a fresh round of tit-for-tat strikes.
Malaysian palm oil futures rose on Wednesday, after the previous session's slight decline, supported by stronger rival edible oils and crude oil prices.
U.S. oil prices jumped nearly 3% in early trade on Wednesday, extending the previous session's gains, after the U.S. military launched a series of strikes against Iran, heightening concerns that a fragile truce was faltering.
Oil prices rose on Tuesday following the U.S. government's decision to cancel Iran's license to sell crude and target it with military strikes, as tensions escalated between Washington and Tehran.
“We still see some room for risks to the upside given the state of affairs in the Middle East,” Book said, describing a market where the path back to oversupply remains possible but far from certain.
Persian Gulf oil producers, racing to bring idle wells back online, now face the challenge posed by a surplus of millions of barrels that could sharpen competition for market share.
U.S. tech futures fell in early European trade and global artificial intelligence-related stocks weakened as investors reacted to Samsung Electronics' earnings.
The prospect of fees to transit the Strait of Hormuz has sparked alarm, not least by investors who fear it could be replicated in other maritime corridors. Janiv Shah, vice president of commodity markets at Rystad Energy, told CNBC that some investors were starting to get "a little bit jittery" about the possibility of tolls in the Strait of Malacca.
Oil prices edged higher on Tuesday, but gains were limited as traders looked beyond easing geopolitical tensions in the Middle East and turned their attention to supply increases and demand prospects.
A U.S.-Iran peace deal is flooding markets with crude, sending oil prices lower and boosting the case for inverse energy ETFs.