Revived tanker movement through the Strait of Hormuz pushed U.S. crude prices below $70 a barrel briefly on Wednesday even though inventories at the country's crude storage hub in Cushing, Oklahoma have dropped to their lowest in 12 years. Stocks of oil at Cushing fell to about 19 million barrels last week, the lowest level since 2014, the U.S. Energy Information Administration reported on Wednesday. Still, the price of West Texas Intermediate, or WTI, the benchmark used to price domestic crude, [Read more]

Prices of Brent crude oil for second-month delivery traded higher on Wednesday than prices for prompt delivery for the first time since the Iran war started in late February, signaling increased near-term supply. Brent, the global benchmark, traded 12 cents higher for contracts delivering in September versus those with August delivery, implying the market is pricing in ample prompt supply but fewer barrels in the coming months. "We have the prospect of a big rush in physical supply out of the [Read more]

Venezuelan crude oil exports could rise to 2 million barrels per day by the end of U.S. President Donald Trump's administration, roughly double current levels, Energy Secretary Chris Wright said on Wednesday at the Reuters Global Energy Forum in New York. (Reporting by Liz Hampton, writing by Richard Valdmanis) [Read more]

J.P. Morgan on Wednesday lowered its second-half 2026 Brent crude oil price forecast due to lower-than-expected OECD commercial inventory draws and lower demand for oil. The bank sees Brent averaging $86 per barrel in the third quarter, $80 in the last quarter, and expects to exit 2026 at $78, according to a research note. * J.P. Morgan said OECD commercial inventories draws have come in below expectations, while demand losses have been larger than expected, implying materially less upward [Read more]

(Adds details from report ) HOUSTON, June 24 (Reuters) - U.S. crude stocks at Cushing fell to a near 12-year low last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 6.1 million barrels to 412.1 million barrels in the week ended June 19, their lowest since January 2025, the EIA said, compared with analysts' expectations in a Reuters poll for a 4.5 million-barrel draw. Crude stocks at the Cushing, [Read more]

U.S. Secretary of State Marco Rubio held talks with the United Arab Emirates leader on Wednesday during a Middle East tour, seeking to reassure Gulf allies who view a proposed Iran peace deal as too soft on a regional power that attacked them in the war. The U.S.-Iran accord reached last week — the first signed by an American and an Iranian president since Iran's 1979 Islamic Revolution — includes a proposed $300 billion fund and the waiver of some sanctions. Arriving in the United Arab [Read more]