From BigGo Finance · BigGo Finance · · 1m 30s
Oil Prices Stall Near Multi-Month Highs as Ukraine Peace Talks Offset Hormuz Attacks
Ukraine peace talks and Hormuz attacks balance oil prices near multi-month highs.
In brief
Ukraine peace talks and Hormuz attacks balance oil prices near multi-month highs. Oil prices stalled near multi-month highs as Ukraine peace talks offset Hormuz attacks. Originally reported by BigGo Finance.
Oil Prices Stall
Brent crude settled up 3 cents at $108.82 a barrel while WTI fell 67 cents to $97.15 on Wednesday.
Ukraine Peace Talks
Kremlin said Vladimir Putin agreed to resume U.S.-mediated Ukraine peace talks as soon as next month.
Hormuz Attacks
Kpler counted at least 18 vessel attacks over two weeks with Iranian targeting extending into Gulf of Oman.
U.S. Crude Inventories
U.S. crude inventories fell by 3.06 million barrels to 412.5 million barrels, far more than analysts expected.
Distillate Stocks
Distillate stocks unexpectedly rose 1.68 million barrels to 104.3 million barrels, defying forecasts for decline.
Dennis Kissler's View
Dennis Kissler said peace talks could unlock tight global diesel supplies that have driven crude prices higher.
Iranian Response
Iranian Foreign Minister Abbas Araqchi said Iran is prepared to defend itself while President Masoud Pezeshkian warned against U.S. dialogue.
Houthi Strikes
Houthis claimed responsibility for strikes on Saudi Aramco site, Shaybah oilfield, and airports in Riyadh and Abha.
U.S. Heating Oil Reserve
U.S. Energy Department offered to lend up to one-third of emergency heating oil reserve to ease diesel prices.
The main idea
Oil prices stalled near multi-month highs as Ukraine peace talks offset Hormuz attacks.
