WS #13843
Brent and WTI rose ~5% overnight, with Brent above $88 and WTI near $82.45, as US-Iran talks stalled over compensation demands, keeping the Strait of Hormuz closed. US strategic petroleum reserves fell to 298.7 million barrels, the lowest since 1983, and the IEA's 400 million barrel release is nearly exhausted, limiting supply buffers.
Oil price surge on Hormuz stalemate
Brent and WTI rose ~5% overnight, with Brent above $88 and WTI near $82.45, as US-Iran talks stalled over compensation demands, keeping the Strait of Hormuz closed.
US strategic petroleum reserves fell to 298.7 million barrels, the lowest since 1983, and the IEA's 400 million barrel release is nearly exhausted, limiting supply buffers.