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#OilReclaims$70

Oil Market Pulse: Brent at $72.37, WTI at $69.99

Oil pared early gains Monday after the US and Iran agreed to halt attacks following weekend flare‑ups that saw a supertanker hit near the Strait of Hormuz. Brent crude settled 0.53% lower at $72.37, while WTI edged up 1.10% to $69.99. Dubai crude rose to $79.52, and natural gas gained 0.85% to $3.307.

Both sides agreed to stand down temporarily, allowing vessels to move freely before peace talks resume this week. The truce comes after Tehran targeted the Kiku, a very large crude carrier loaded with 2 million barrels in Qatar, underscoring the risks still facing shipping through Hormuz.

Analysts say the market is treating these moves as tactical rather than structural, with traders fading rallies and sell‑offs until a permanent peace deal is reached. Hundreds of ships remain trapped in the Persian Gulf, highlighting the fragility of the current stand‑down.

via Bloomberg

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