SETTLEMENT — CRUDE: WTI (U6) SETTLES USD 1.08 HIGHER AT USD 84.67/BBL; BRENT (V6) SETTLES USD 1.04 HIGHER AT USD 87.93/BBL
COMMODITIES
- Crude futures gained as traders monitored possible escalation or de-escalation developments around Iran.
- Iran's IRGC said two offending tankers were hit and stopped, while it stated that Strait of Hormuz transit would require coordination with the IRGC Navy.
- Reports that the US and Israel were considering a land blockade of Iran added upward pressure, while CPC discussed a possible indefinite halt to oil and tanker operations but had not decided.
SUPPLY
- Attention remains on the upcoming OPEC+ JMMC, with a 188k BPD September output increase widely expected.
- The Baker Hughes rig count showed oil rigs up 1 at 451, natgas unchanged at 127, and total rigs up 1 at 588.
WTI settled higher at USD 84.67/BBL as Iran-related supply risks and OPEC+ expectations remained in focus.