DTN Oil Update
Oil futures dropped Wednesday amid hopes for a ceasefire agreement between the United States and Iran that could end the dual-blockade of the Strait of Hormuz, which has been in place since March.
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DTN Oil Update
Oil and product futures fell Wednesday morning on news of a partial resumption of flows from the Persian Gulf as the U.S. and Iran were reportedly close to reaching a deal which would end the double-blockade of the Strait of Hormuz...
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DTN Oil Update
Global crude benchmarks diverged sharply Tuesday as a fresh escalation in the Middle East conflict reignited global supply worries that boosted Brent futures while deteriorating domestic consumer data placed a lid on U.S. oil futures.
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DTN Oil Update
Brent crude oil futures rebounded Tuesday morning after the U.S. carried out fresh attacks on Iran despite an existing ceasefire, raising doubts that a peace deal with Iran was imminent.
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DTN Oil Update
Oil prices steadied after a three-day decline to settle slightly higher Friday as tensions swelled again in the Middle East from U.S. opposition to Iran's plans to toll the Strait of Hormuz.
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DTN Oil Update
Oil futures rose Friday morning as conflicting statements from Tehran and Washington, D.C., cast doubt on the progress of peace talks aimed at ending a conflict that has led to the largest oil supply disruption in history.
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DTN Oil Update
Crude and product futures reversed course to settle lower Thursday as reports that the U.S. and Iran were close to a deal to reopen the Strait of Hormuz conflicted with statements by Tehran that it was not ready yet for a peace agreement.
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What DTN Is Watching
There are no major agricultural or macroeconomic reports scheduled for Wednesday. Traders will remain vigilant for news regarding negotiations in the Middle East, while also watching the U.S. weather forecast.
WeatherAreas of showers and thunderstorms will develop across a wide area of the U.S. for Wednesday. A diffuse, old front across the Southeast continues to produce widespread coverage that is leaking north of the Ohio River as well. An upper-level low-pressure system is bringing widespread thunderstorms to Texas that should spread farther north into Oklahoma and perhaps Kansas. A system is spinning around in the West with showers and into the Pacific Northwest with some showers. That system should promote increasing coverage in the Plains and western Canadian Prairies later Wednesday afternoon and evening. A few thunderstorms in eastern North Dakota this morning will spread more into Wisconsin and Michigan for this afternoon and evening as well.
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