Oil Snaps Five-Session Rally
Crude oil fell toward $94 per barrel on Thursday, likely reflecting a technical correction and profit-taking following five consecutive sessions of gains. Investors also assessed reports that the US is considering relaxing sanctions on so-called shadow fleet vessels that have transported oil and petroleum products from countries such as Russia, Iran and Venezuela, as part of efforts to ease record-high global freight rates. However, supply concerns remained elevated after a container ship sank in the Strait of Hormuz on Wednesday following a strike by unidentified projectiles, while Iran-backed Houthi forces continued missile and drone attacks across Saudi Arabia. Russia also accused Ukraine of attacking two oil refineries on Wednesday, including the 400,000-barrel-per-day Ryazan facility, breaching an “energy ceasefire” announced by US President Donald Trump.
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Crude oil fell toward $94 per barrel on Thursday, likely reflecting a technical correction and profit-taking following five consecutive sessions of gains. Investors also assessed reports that the US is considering relaxing sanctions on so-called shadow fleet vessels that have transported oil and petroleum products from countries such as Russia, Iran and Venezuela, as part of efforts to ease record-high global freight rates. However, supply concerns remained elevated after a container ship sank in the Strait of Hormuz on Wednesday following a strike by unidentified projectiles, while Iran-backed Houthi forces continued missile and drone attacks across Saudi Arabia.
Russia also accused Ukraine of attacking two oil refineries on Wednesday, including the 400,000-barrel-per-day Ryazan facility, breaching an “energy ceasefire” announced by US President Donald Trump.