WTI, Brent Volatile on Reports of Iran Deal


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Crude futures were volatile in mid-morning trade 
Thursday (5/28) on reports that the U.S. and Iran have reached agreement to 
extend their ceasefire by another 60 days and potentially reopen the Strait of 
Hormuz to energy shipments, pending U.S. President Donald Trump's approval.

   NYMEX WTI for July delivery briefly turned negative, hitting a session low 
of $87.11 bbl before turning up again by 10:40 a.m. ET, trading up $0.56 at 
$89.24. The session high was $92.52 bbl.

   ICE Brent for July delivery was up $0.48 at $94.77 bbl after a session low 
at $92.60 and high at $98.20.

   The deal reported Thursday could mark a breakthrough to formally ending 
U.S.-Israeli bombings of Iran that began end-February, resulting in retaliatory 
strikes by Tehran on regional energy infrastructure and its blockade of Hormuz, 
the waterway for a fifth of the world's energy shipments.

   A ceasefire announced in early April has loosely held thus far, although 
analysts note that intense negotiations may be required over Iran's nuclear 
program. President Trump has also publicly pushed back on an Iranian peace 
draft, calling elements of the proposal a "total fabrication".




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