Oil Posts Big Weekly Rise Amid Edgy Iran War Talk Efforts


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Crude and product futures slid on Friday (4/24) but 
still ended with large advances for the week as the chance for a swift 
conclusion to the Middle East conflict appeared dim amid the largest oil supply 
disruption in history.

   The NYMEX WTI crude futures contract for June delivery settled the day down 
$1.45, or 1.5%, at $94.40 bbl and ICE Brent crude for June finished lower by 
$0.26, or 0.3%, at $105.33 bbl. For the week, WTI was up almost 12% while Brent 
rose 15% in the same period.

   Among refined products, NYMEX ULSD futures for May delivery ended the 
session down $0.1008 at $3.8874 gallon. Front-month NYMEX RBOB futures contract 
finished lower by $0.4253 at $3.8874 gallon.

   The US dollar index retreated by 0.237 points to 98.365 against a basket of 
foreign currencies by 2:55 p.m. ET.

   This week's rebound in oil futures came after two back-to-back weekly 
declines totaling 26% in WTI and 17% in Brent amid on-off and on-again efforts 
by the U.S. to bring Iran to the negotiation table in Pakistan for an end to 
the near two-month long Middle East conflict.

   The White House said on Friday that negotiators Steven Witkoff and Jared 
Kushner will leave for Islamabad on Saturday (4/25) to effort another round of 
talks with Iran.

   Iranian media said Foreign Minister Abbas Araghchi and Parliament Speaker 
Mohammad Bagher Ghalibaf will travel to the Pakistani capital as well after 
making stops in Oman and Russia -- both allies of Tehran -- to apparently shore 
up regional and international support for its position at the talks that could 
take place on Sunday.

   The Strait of Hormuz, meanwhile, remained impassable to tankers that used to 
carry 20 million bpd of petroleum liquids that make up about a fifth of world 
supply. Iran has blocked the waterway on its side while the U.S. is forbidding 
any ship from entering or leaving Iranian ports.

   "With the Strait of Hormuz closed, the market is losing 10 to 14 million 
barrels per day," said Phil Flynn at the Price Futures Group. "Analysts warn of 
potential diesel and jet fuel shortages in places like California. Some firms 
are calling for dramatically higher prices."

   For a peace deal, the U.S. demands that Iran unconditionally reopen the 
strait and permanently cease all uranium enrichment. Iran, in return, demands 
the lifting of the U.S. naval blockade on its ports for talks to even begin, 
adding that it had a "civilian" right to nuclear enrichment.

   While the Hormuz remains closed, the White House extended its Jones Act 
waiver for three months Friday to facilitate international tanker transport of 
energy and agricultural products. This extension follows an initial 60-day 
waiver launched in mid-March to stabilize domestic prices and maritime 
logistics.




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