Oil pares gains after Trump says Strait of Hormuz open to all but Iran; WTI turns lower
JH Kim
Summary
- President Donald Trump said the Strait of Hormuz would be open to all ships except those from Iran.
- After Trump’s remarks, WTI futures turned lower and Brent crude gave back part of their gains.
- Markets continue to watch geopolitical tensions around the Strait of Hormuz and the risk of disruptions to crude supply.
Forecast Trend Report by Period
Oil pared its gains after President Donald Trump said the Strait of Hormuz would be open to all ships except those from Iran.
Walter Bloomberg reported on July 14 that following Trump’s remarks, U.S. West Texas Intermediate futures turned lower, while Brent crude trimmed part of its advance.
Markets continue to monitor geopolitical tensions surrounding the Strait of Hormuz and the risk of disruptions to crude supply.
JH Kim
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