Yongchang Chin

Brent for July settlement was 0.3% higher at $105.98 a barrel at 10:50 a.m. in Singapore. By Yongchang Chin, Bloomberg ·

Oil headed for a weekly gain as the crucial Strait of Hormuz remains effectively closed with efforts to end the war in limbo, prolonging disruptions that have upended global markets.

Brent for July settlement climbed 1.3% to $107.05 a barrel at 1:10 p.m. in Singapore. By Yongchang Chin and Charles Gorrivan, Bloomberg

Die Ölpreise steuern auf einen Wochengewinn zu. Die wichtige Straße von Hormus bleibt faktisch geschlossen, während Bemühungen um ein Ende des Kriegs feststecken und die Verwerfungen an den Weltmärkten anhalten dürften.

Vitol is offering Iraqi Basrah crude to customers, people with knowledge of the matter said, in a sign that some shipments may have successfully made it out of the Persian Gulf.

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India’s oil refiners are expected to weather disruption in supply after the US allowed its waiver on Russian crude purchases to expire, thanks to weaker demand and available barrels from the US and the Middle East.

Commodities are in a “super-squeeze” that will worsen if the Strait of Hormuz remains effectively shut, according to HSBC Holdings Plc.

Rohstoffe befinden sich nach Einschätzung von HSBC in einer “Super-Squeeze”-Phase, die sich weiter verschärfen dürfte, falls die Straße von Hormus faktisch geschlossen bleibt.

India’s fuel exports tumbled to the lowest level in nearly four years in May as a push to ensure domestic supplies during the Iran war shock along with refinery maintenance curbed overseas flows.