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- WTI gained after Trump rejected Iran’s proposal, keeping the Strait of Hormuz effectively closed.
- Drone strikes hit a cargo ship near Qatar, while the UAE and Kuwait intercepted hostile drones.
- Kpler data showed two crude tankers crossed the Strait of Hormuz last week with trackers switched off.
West Texas Intermediate (WTI) oil price advances after registering nearly 3% losses in the previous trading day, hovering around $95.70 during the Asian hours on Monday. Crude oil prices moved higher after US President Donald Trump rejected Iran’s latest response to his proposal to end the 10-week conflict, keeping the Strait of Hormuz effectively shut.
Trump described in a post on Truth Social that Tehran’s reply as “TOTALLY UNACCEPTABLE,” following reports that Iran proposed moving part of its highly enriched uranium stockpile to a third country while refusing to dismantle its nuclear facilities. According to US officials, Trump is set to arrive in Beijing on Wednesday and is expected to discuss Iran, among other issues, with Chinese President Xi Jinping.
Meanwhile, drone strikes targeted a cargo ship near Qatar in the Persian Gulf, while the UAE and Kuwait reported intercepting hostile drones, intensifying concerns that the fragile ceasefire established in early April could unravel.
Saudi Aramco CEO Amin Nasser stated on Sunday that the world has lost nearly 1 billion barrels of oil over the past two months, adding that energy markets would require time to stabilize even if supply flows resume.
Kpler shipping data also showed that two additional crude-laden tankers passed through the Strait of Hormuz last week with tracking systems turned off to avoid potential Iranian attacks.
The prolonged closure of the Strait of Hormuz has significantly disrupted global supplies of crude oil, natural gas, and refined fuels, causing what the International Energy Agency (IEA) called the largest supply shock ever recorded.
