Ice Brent futures dipped in early Asian trading hours, on signs that the US and Iran could return to negotiations to end to their military conflict.
The Ice front-month September Brent contract was at $84.72/bl at 04:00 GMT, lower by 23¢/bl from its settlement on 15 July, when it ended 22¢/bl higher.
The Nymex front-month August crude contract was at $79.52/bl, down by 8¢/bl from its settlement on 15 July, when it ended 26¢/bl higher.
"We received a call just as I was coming here, they want to meet," Trump told Fox Business News on Wednesday, during a visit to a defense innovation forum in Pennsylvania. "They're nasty people, but they want to make a deal," Trump said.
The war between the US and Iran has intensified since 14 July, with US forces carrying out daytime raids against targets in Iran on 15 July and Iranian forces responding with attacks on US military installations in Mideast Gulf states. Iran so far in this round of conflict has not targeted energy production and export infrastructure in Mideast Gulf states.
The US military has begun disabling and redirecting vessels that violate its renewed blockade of Iranian ports.
US Central Command (Centcom), which oversees US forces in the Middle East, said it disabled the empty Curacao-flagged oil tanker Belma while it was transiting international waters toward Kharg Island on 15 July. In the first 24 hours of enforcing the renewed blockade, Centcom said it also redirected two compliant commercial vessels.
US medium sour and heavier sweet crude values have surged to their highest levels in the August trade month to date, supported by strong refinery margins and renewed supply concerns on the escalation of the US-Iran conflict. US Gulf coast refining margins reached their highest in more than four years this week, spurred by rising gasoline and diesel prices.
Ice Brent futures dipped in early Asian trading hours, on signs that the US and Iran could return to negotiations to end to their military conflict.
The Ice front-month September Brent contract was at $84.72/bl at 04:00 GMT, lower by 23¢/bl from its settlement on 15 July, when it ended 22¢/bl higher.
The Nymex front-month August crude contract was at $79.52/bl, down by 8¢/bl from its settlement on 15 July, when it ended 26¢/bl higher.
US president Donald Trump on 15 July said that diplomacy with Iran could be re-established even though the US and Iran have resumed military hostilities in earnest.
"We received a call just as I was coming here, they want to meet," Trump told Fox Business News on Wednesday, during a visit to a defense innovation forum in Pennsylvania. "They're nasty people, but they want to make a deal," Trump said.
The war between the US and Iran has intensified since 14 July, with US forces carrying out daytime raids against targets in Iran on 15 July and Iranian forces responding with attacks on US military installations in Mideast Gulf states. Iran so far in this round of conflict has not targeted energy production and export infrastructure in Mideast Gulf states.
The US military has begun disabling and redirecting vessels that violate its renewed blockade of Iranian ports.
US Central Command (Centcom), which oversees US forces in the Middle East, said it disabled the empty Curacao-flagged oil tanker Belma while it was transiting international waters toward Kharg Island on 15 July. In the first 24 hours of enforcing the renewed blockade, Centcom said it also redirected two compliant commercial vessels.
US medium sour and heavier sweet crude values have surged to their highest levels in the August trade month to date, supported by strong refinery margins and renewed supply concerns on the escalation of the US-Iran conflict. US Gulf coast refining margins reached their highest in more than four years this week, spurred by rising gasoline and diesel prices.
In China, weak domestic refining margins and uncertainty over government policy have weighed on Chinese refiners' demand for crude.
By YouLiang Chay