EMEA Oil Update: Crude Retreats as Markets Assess Impact of US-Iran Strikes
EMEA crude futures slipped in after-hours trading on Thursday as markets assessed the impact of renewed US-Iran strikes, with traders weighing the risk of further supply disruptions against signs that physical flows have remained resilient. Brent crude futures dropped by 2.1% to $76.36 per barrel, while Murban crude futures retreated by 3.1% to $71.27/bbl. Gelber & Associates strategists said that the latest Middle East headlines have kept volatility alive, but crude itself is struggling to hold a sustained bid as flows through the Strait of Hormuz remain partially recovered and the market weighs the impact of the recent OPEC+ output hike. "Refined products are still flashing tighter conditions, with diesel and gasoline markets carrying more strain than the underlying crude contract as refinery capacity, low product inventories, and Russian fuel disruptions keep margins elevated," Gelber analysts said in a Thursday note. On Wednesday, the US attacked Iran for a second day, and the Islamic Revolutionary Guard Corps retaliated by striking US military infrastructure in the Middle East, raising fears of a return to war after little progress in efforts to secure a diplomatic.
EMEA crude futures slipped in after-hours trading on Thursday as markets assessed the impact of renewed US-Iran strikes, with traders weighing the risk of further supply disruptions against signs that physical flows have remained resilient.
Brent crude futures dropped by 2.1% to $76.36 per barrel, while Murban crude futures retreated by 3.1% to $71.27/bbl.
Gelber & Associates strategists said that the latest Middle East headlines have kept volatility alive, but crude itself is struggling to hold a sustained bid as flows through the Strait of Hormuz remain partially recovered and the market weighs the impact of the recent OPEC+ output hike. "Refined products are still flashing tighter conditions, with diesel and gasoline markets carrying more strain than the underlying crude contract as refinery capacity, low product inventories, and Russian fuel disruptions keep margins elevated," Gelber analysts said in a Thursday note.
On Wednesday, the US attacked Iran for a second day, and the Islamic Revolutionary Guard Corps retaliated by striking US military infrastructure in the Middle East, raising fears of a return to war after little progress in efforts to secure a diplomatic.