Commodities
Oil Prices Supported by Ongoing Uncertainty Around the Strait of Hormuz
Oil prices remain supported by ongoing uncertainty around the Strait of Hormuz. The US and Iran continue to negotiate, but significant hurdles remain before a broader agreement is reached.
Speculative sentiment has turned more cautious, with money managers reducing net long positions in NYMEX WTI and ICE Brent. They cut 7,257 lots from NYMEX WTI to 101,050 lots and reduced net longs in ICE Brent by 20,361 lots to 164,722 lots.
US oil activity has continued to recover, with the oil rig count rising by three to 454, the highest level since May 2025. US crude exports remain elevated as buyers seek alternative supply sources, but much of the increase has been supported by inventory drawdowns rather than stronger production growth.