WTI Near $72, Snapping 5-Day Loss Amid Iran Attack


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- U.S. crude futures settled up Thursday (6/25) for the 
first time in six sessions after an Iranian attack on a cargo ship in the 
Strait of Hormuz raised fresh anxiety over the Middle East peace process.

   Critically low U.S. inventories also offset selling seen since the start of 
the week amid a surge in tanker traffic out of the Persian Gulf.

   With the turnaround, NYMEX WTI for August delivery settled up $1.58 at 
$71.92 bbl, rising 2.25% on the day after a near 8.5% tumble over five days.

   ICE Brent for August closed up $1.52 at $75.26 bbl, climbing 2% after a 
prior three-day drop of 7.7%.

   Among refined products, July NYMEX ULSD futures advanced by $0.122 to settle 
at $3.2982 gallon, while July RBOB rose $0.1455 to close at $3.0273.

   The US Dollar Index fell for the first time in seven sessions, slipping by 
0.206 points, or 0.2%, to 101.185 against a basket of foreign currencies.

   The recovery in crude prices accelerated after reports that Iran's Islamic 
Revolutionary Guard Corps had attacked a Singapore-flagged cargo ship off the 
coast of Oman. The episode directly tests a fragile U.S.-Iranian pact signed 
just last week to cease combat and restore maritime trade. Following the 
bridge-damaging strike, the International Maritime Organization, which serves 
as the United Nations' shipping agency, paused its initiative to evacuate 
hundreds of vessels from the Persian Gulf after Iran blockaded shipments on 
Hormuz since early March.

   Crude markets began Thursday lower amid signs that laden tankers were 
continuing to clear the vital chokepoint after last week's agreement of a 
60-day ceasefire between Iran and the United States.

   But short covering activity kicked in after crude futures hit major support 
levels. For WTI, the trigger point was the session low of $68.90 bbl, which was 
not too far from the February 27 settlement of $67.02 and intraday low of 
$64.85 -- set a day before the start of the Iran war. For Brent, it was 
Thursday's bottom of $72.06, which broke beneath the February 27 close of 
$72.48 and session low of $70.33.

   Market attention was also on the U.S. inventory deficit detailed in 
Wednesday's Energy Information Administration data. The agency revealed that 
commercial crude stocks had plummeted by 6.1 million bbl to 412.1 million, the 
lowest since January 2025. Further reinforcing the domestic floor was another 9 
million bbl drawdown from the Strategic Petroleum Reserve, which left U.S. 
emergency stockpiles at their lowest point since 1983. That left total U.S. 
crude stockpiles at their lowest since October 1984.




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