U S Iran Agreement

Crude oil markets remain supported after a temporary U.S.-Iran agreement expired without fresh talks, leaving the Strait of Hormuz risk premium intact. Thin ship traffic through the waterway and stronger refined product margins are keeping sellers on the defensive.

Brent and WTI recovered as traders reassessed the likelihood of a quick resolution to Gulf supply disruptions. Fees, vessel restrictions and insurance uncertainty continue to complicate any workable reopening of the Hormuz route.