Oil: Strait of Hormuz reopening steadies crude prices– UOB

FXStreet Insights Team FXStreet

UOB Global Economics & Markets Research reports that Oil prices stabilized after comments from US Vice President JD Vance confirmed tankers carrying over 12 million barrels had crossed the Strait of Hormuz. Brent closed at $79.85 and WTI at $76.60. Markets remain sensitive to any renewed disruptions or escalation risks around the key shipping chokepoint.

Hormuz flows calm supply concerns

"US financial markets will be closed today (19 Jun) in observance of the Juneteenth federal holiday. However, focus will be on the reopening of the Strait of Hormuz, with markets likely to stay sensitive to any disruptions or escalation risks. Against this backdrop, developments on the geopolitical front, alongside moves in yields and the US dollar, will remain key for near-term direction."

"Oil prices steadied on Thu after US Vice President JD Vance said tankers with more than 12 million barrels crossed the Strait of Hormuz overnight. Brent crude futures, the international benchmark, gained 30 cents to close at $79.85/bbl. West Texas Intermediate futures lost 19 cents to settle at $76.60/bbl."

"Gold prices edged lower on Thu, pressured by hawkish policy signals from the Fed and a stronger US dollar, while the US-Iran ceasefire deal that dialed back inflation concerns and sent oil markets lower."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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