Ice Brent futures fell in early Asian trading, adding to losses accumulated from the previous sessions, following an agreement between the US and Iran to end their conflict.
The Ice front-month August Brent contract was at $72.49/bl at 04:00 GMT, lower by $1.25/bl from its settlement on 24 June when it ended $3.34/bl lower.
The Nymex front-month August crude contract was at $69.33/bl, down by $1.01/bl from its settlement on 24 June when it ended $2.87/bl lower.
Oil transportation volumes through the strait of Hormuz returned to "pre-conflict" levels of 20mn b/d for the first time since the war in Iran started more than three months ago, US energy secretary Chris Wright said on 24 June.
Vessel transits through the critical shipping corridor reached "roughly 72 ships in the last 24 hours", the US Department of Energy (DOE) leader said during a broadcast interview with Reuters. During that time, oil flows reached 20mn b/d, up from 19mn b/d the previous day, Wright said. The total volume of oil exported out of the Mideast Gulf over the same period surpassed pre-war flows, he said, after accounting for increases in pipeline transportation routes that bypass the strait of Hormuz.
Daily vessel transits through the strait of Hormuz totalled 28 ships on 23 June, down from 46 a day earlier, according to vessel tracking data from Windward. US president Donald Trump's administration has not released specifics on how it is tracking oil and ship movements in the Mideast Gulf, but the US military has been coordinating some vessel transits out of the strait.
US crude inventories fell by 6.1mn bl last week, the Energy Information Administration (EIA) said on 24 June. Inventories at the Cushing, Oklahoma, hub have dropped by nearly 12mn bl since mid-April.
US oil and gas sector activity increased sharply in the second quarter, but rising fuel costs have kept profits in check, according to the Federal Reserve Bank of Dallas' quarterly energy survey.
The business activity index — the broadest measure of conditions in the Dallas Fed Energy Survey— of 46.1 was up from 21 in the first quarter. This is the fourth consecutive increase and the highest reading since the second quarter of 2022.
If more respondents were to report a decrease than an increase, an index would be negative, where the business activity index spent much of 2025.
In Europe, ExxonMobil said it will begin shutting units at its 307,000 b/d Antwerp refinery ahead of planned industrial action, after unions notified the company of an impending strike.
The company said unions intend to strike over 29 June-3 July, prompting preparations for a controlled shutdown.
Ice Brent futures fell in early Asian trading, adding to losses accumulated from the previous sessions, following an agreement between the US and Iran to end their conflict.
The Ice front-month August Brent contract was at $72.49/bl at 04:00 GMT, lower by $1.25/bl from its settlement on 24 June when it ended $3.34/bl lower.
The Nymex front-month August crude contract was at $69.33/bl, down by $1.01/bl from its settlement on 24 June when it ended $2.87/bl lower.
Oil transportation volumes through the strait of Hormuz returned to "pre-conflict" levels of 20mn b/d for the first time since the war in Iran started more than three months ago, US energy secretary Chris Wright said on 24 June.
Vessel transits through the critical shipping corridor reached "roughly 72 ships in the last 24 hours", the US Department of Energy (DOE) leader said during a broadcast interview with Reuters. During that time, oil flows reached 20mn b/d, up from 19mn b/d the previous day, Wright said. The total volume of oil exported out of the Mideast Gulf over the same period surpassed pre-war flows, he said, after accounting for increases in pipeline transportation routes that bypass the strait of Hormuz.
Daily vessel transits through the strait of Hormuz totalled 28 ships on 23 June, down from 46 a day earlier, according to vessel tracking data from Windward. US president Donald Trump's administration has not released specifics on how it is tracking oil and ship movements in the Mideast Gulf, but the US military has been coordinating some vessel transits out of the strait.
US crude inventories fell by 6.1mn bl last week, the Energy Information Administration (EIA) said on 24 June. Inventories at the Cushing, Oklahoma, hub have dropped by nearly 12mn bl since mid-April.
US oil and gas sector activity increased sharply in the second quarter, but rising fuel costs have kept profits in check, according to the Federal Reserve Bank of Dallas' quarterly energy survey.
The business activity index — the broadest measure of conditions in the Dallas Fed Energy Survey— of 46.1 was up from 21 in the first quarter. This is the fourth consecutive increase and the highest reading since the second quarter of 2022.
If more respondents were to report a decrease than an increase, an index would be negative, where the business activity index spent much of 2025.
In Europe, ExxonMobil said it will begin shutting units at its 307,000 b/d Antwerp refinery ahead of planned industrial action, after unions notified the company of an impending strike.
The company said unions intend to strike over 29 June-3 July, prompting preparations for a controlled shutdown.
By YouLiang Chay