The Commodities Feed: Oil slides despite stalled US-Iran talks

AI Summary

Oil product inventories in Europe and Singapore have declined despite stalled US-Iran talks. Markets remain optimistic about a potential deal resuming flows through the Strait of Hormuz, although Hezbollah’s rejection of a Lebanon-Israel ceasefire dims immediate prospects.

Energy – Oil product inventories fall in Europe and Singapore While there are few signs of progress in US-Iran talks, the oil market continues to trade on expectations of an imminent deal that would resume flows through the Strait of Hormuz. This seems overly optimistic as Hezbollah rejects the Lebanon-Israel ceasefire. This development will not ...